I have been helping a newsagent left in the dark by the people they purchased their newsagency from. They were taught the basics of operating the shop and given a one-page given a list of suppliers as a hand over document. This was their first business purchase and did not know what they did not know until it was too late.
When I sold a retail business in 2014, I provided a four page 1,200 word document with all details necessary for the new owners:
- Supplier details including web address, contact name, number and email and purchase history for that supplier.
- Admin access details for the business Facebook page.
- Admin access to other social media for the business.
- Account numbers for all service providers.
- Contact details, TFN and other details for all employees.
- Schedule information covering rubbish collection and other regularly scheduled services and activities.
- Details of how to access full sales history for the business.
- Notes on suppliers we did not deal with and why.
What was especially useful (I am told) was the information on suppliers. The list given to the newsagent I am helping has no contact details, no history of trading. This is problematic as the new owners wiped the computer system of all data except for basic stock information.
Having the package of information available helped sell the business as it made the business seem easier to run for someone with no experience. It also gave me peace of mind knowing I have provided a good hand over.
Vendors have an ethical responsibility to hand their business over in a thorough and professional way. Those of us in the channel for the long term ought to push harder for this to be resolved.