The work of closing a transaction is not quite complete following the actual closing activities, as described in blog eleven of our series. There is one final step in the process of how to sell a business and that is training and transition! The Training and Transition period takes place the day of, or soon after Closing. The Buyer and Seller, in concert, hold a closing meeting with management and employees of the company to alert them of the ownership transition. This conversation is extremely important to the success of the transition to the buyer, thus it is also important for both parties to stand in support of each other, sharing a clear message.
The training period also begins immediately after closing. The seller will guide and train the buyer for a previously agreed upon time period. This is an opportunity for the buyer to ask operational questions and really immerse themselves in the business while the seller is still available to support them. The seller guided training is a great tool to sustain the continued success of the company while it is in transition. Training will also be a time for employees to be educated on new roles and responsibilities now that the company has changed hands.
Thank you! We hope that this twelve-part, blog series has proven helpful in your quest for information on how to buy or sell a business in Colorado. The entire series provides an overview of the structure of a typical small business transaction through Transworld Business Advisors of Colorado. Although each business has its own unique variables, the process each business goes through will mirror the steps we have described here on our blog. If you are ready to position your business for sale or have an interest in becoming an entrepreneur this year, please visit our website or schedule a complimentary consultation with one of our brokers today!
Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master's Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.