In the first two parts of this series on “Selling Your Home Business” I wrote about how business structure and the type of home business you are operating can affect how you are able to sell it and I also wrote about how to find a buyer and how to determine the value of your business. Once you have sold your “baby” however, it comes time to make the transfer. The transition of your business to the new buyer can take time, tact and care…
Definitely give your customers and/or clients plenty of warning that you are selling and have sold the business. Most of us home business owners have close relationships with our clients and/or customers and they need time to prepare for working with someone else. Expect that they will voice their concerns and worries so giving them time to process all of these will make the ultimate transition smoother. Additionally, let any vendors or suppliers or other people you do business with know that there is an imminent change. This will make it easier on them and on the new owner.
Prepare your records and materials and make sure that everything is accessible and available. If you have been working with an attorney and/or accountant, get all of the information you need from them to pass on to the new owner too. The new owner may choose to work with someone else, but will need the history and details of the business prior to his or her ownership.
Allow plenty of time to go over everything with the new owner. He or she may not be interested in doing things the same way you have, but understanding the history, the customers and clients, and other intimate details, will help them avoid the pitfalls or repeat mistakes that you have already learned from. Allowing plenty of time for the transition can allow for questions to be answered and for everyone involved to get used to the new order instead of springing it on them all suddenly.