selling
an agency
Obtain a draft of a confidentiality letter first contact and then through all the
before making any contact with business stages until an offer is made. Any offer
agencies or potential buyers and consider should be set out in detail in the form of
using your commercial solicitor to deal Heads of Terms that can be discussed and
with the first contacts. negotiated before contracts are drafted.
Discussions between purchaser and vendor
The STaff maTTerS with their advisers frequently speeds the
Both vendors and purchasers have legal process, reduces cost and maintains
responsibilities to employees of a business goodwill between the parties.
that is to be sold. The “Transfer of
Undertakings (Protection of Employment) The ConSideraTion
Regulations 2006” (TUPE) protects an Cash is king, accepting loan notes, shares
employee’s terms and conditions when Use a few of your house-selling techniques! in private companies or any form of
a business or undertaking or part of one deferred payment which is not supported
is transferred to a new employer. goodwill of employees and any risk of by money placed in escrow is madness.
Employees have a right to be informed claims for constructive dismissal. Similarly, The collapse of one aggressive public
about a prospective transfer before it is vendors ill wish to avoid any sudden company that had made acquisitions
complete. The thrust of the Regulations departures that may damage the firm and of letting agencies paid for in Loan Notes
is to ensure that employees are treated endanger a transaction. (which were then worthless) left some
as if they worked for the new employer While the regulations are set out clearly vendors wishing they had been less trusting
from the beginning of their employment. with notes for the benefit of both sides, the and more demanding. It is still
Inevitably there may be redundancies advice of a seasoned commercial lawyer remembered with pain and distress.
or changes in roles and responsibilities. should be regarded as essential.
The issues should be handled with Successful vendors spend personal time
What’s your experience? Share it online at:
sensitivity and care to preserve the and effort on planning the sale, before the
www.propertydrum.com/articles/sellingup
MONEY
TALKS
WOOFS
SQUEAKS
PURRS
TWEETS
Unleash the potential of your
property and see a great return
To find out how Dogs Trust can help
you rent your properties successfully
to pet owners, visit
www.letswithpets.org.uk
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