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Buyer Beware: Do You Really Want To Meet Employees Prior To Closing?
We have all been there before - you, are cruising along with some great momentum, on the verge of putting a deal together, until suddenly the buyer thinks they should be allowed to meet and speak with employees prior to the closing. This can sometimes stop a deal in its tracks, but in my opinion, it never should. This article will focus on how to deal with this issue and cite a real life example to demonstrate why meeting employees ahead of time is a bad idea for both the seller and the buyer.
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Lacey's Deli
Pictured left to right: Titi Adeyemi-Buyer, Rob Bowman-CBB Broker,
Josh Ruszkiewicz- Seller
The Buyer, Titi Adeyemi, already owner of a downtown Houston deli and a restaurant in Bellaire, had been looking for several years for another business to purchase. Lacey's Deli, also located downtown, with rave online reviews and a semi-absentee owner who kept excellent books and
records and only stopped by the business once a week, was a perfect fit for the buyer who closed on the deal within three weeks of finding it. The deli was on the market for only a few days before Adeyemi made the offer to purchase it.
The former owner, Josh Ruszkiewicz, will be moving to Austin to begin a corporate career.
Jay Yoo listed the business and Robert Bowman sold it.
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Great Wraps - San Antonio
Pictured left to right: Karim Haji-Buyer,
Iqubal Viranee & Salman Viranee-Sellers, Jay Yoo-CBB Broker
This fast growing, very popular, Great Wraps sandwich shop, located in one of the best malls in San Antonio, was purchased by Karim Haji, a Houston-area Great Wraps Franchise owner who wanted to expand to San Antonio. It was sold within one month of going on the market.
Jay Yoo listed the business and sold it.
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Park Grill West
Pictured left to right: Jay Yoo-CBB Broker, Sonya Ahmed-Buyer,
Ryan Granger-Seller, Imran Ahmed-Buyer's Father
The Buyer, Sonya Ahmed, purchased Park Grill West, a fast food grill located in an office building surrounded by a hospital, doctor's clinic, and other professional buildings, within one month of her beginning her search for a business to buy. The business is semi-absentee, open 5 days/week and operates till 3PM, all driving factors for the buyer.
Jay Yoo listed and sold the business.
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Ask The Experts
Question:
Is it customary business practice for the company selling the business to hand over a copy (backup) of their QuickBooks file to the new organization?
Answer:
In a small business asset sale, the buyer typically will be forming a new business entity and should start their books from scratch. However, all of the reports the new owner may need to establish their operating budget, vendors, employees, contacts, etc. can be provided by the former owner. In general, since Online QuickBooks allows for online Federal and State Reporting, it would not be a good idea to provide a copy of the actual QuickBooks file.
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