SME with ill owner -advice please
Discussion
Hi Turn 7
Fwiw I can give you some advice on the transaction side of things as I advise shareholders on exit strategy and sales.
If they are Tuping you over it means that the boss has sold the assets of the business but not the ltd co itself. So this could include any combination of the following:
physical assets (machinery, stock etc),
financial assets (debtor book, maybe),
Intangible assets (names, website, customer contracts and relationships)
The deal will only be complete when the Asset Purchase Agreement is signed and money transferred to the ltd co. This date can often move whilst lawyers finish due diligence and the legals, and the financial package is finalised. It can and does all fall apart at the last minute.
From your perspective nothing wi change immediately, you'll be employed by a different legal entity, but on exactly the same terms as before with the same length of service. It's likely the buyer will make some chamges, if only to amalgate HR and the accounting teams.
Eventually your boss will windup the old legal company and extract Any cash once creditors remaining are repaid. For tax reasons he will be unable to work in the sector for at least the next two years.
From my perspective it's likely that you've gained job security in the short to medium term, but you will have to wait and see how the long term pans out.
Feel free to pm me with any specific questions
Fwiw I can give you some advice on the transaction side of things as I advise shareholders on exit strategy and sales.
If they are Tuping you over it means that the boss has sold the assets of the business but not the ltd co itself. So this could include any combination of the following:
physical assets (machinery, stock etc),
financial assets (debtor book, maybe),
Intangible assets (names, website, customer contracts and relationships)
The deal will only be complete when the Asset Purchase Agreement is signed and money transferred to the ltd co. This date can often move whilst lawyers finish due diligence and the legals, and the financial package is finalised. It can and does all fall apart at the last minute.
From your perspective nothing wi change immediately, you'll be employed by a different legal entity, but on exactly the same terms as before with the same length of service. It's likely the buyer will make some chamges, if only to amalgate HR and the accounting teams.
Eventually your boss will windup the old legal company and extract Any cash once creditors remaining are repaid. For tax reasons he will be unable to work in the sector for at least the next two years.
From my perspective it's likely that you've gained job security in the short to medium term, but you will have to wait and see how the long term pans out.
Feel free to pm me with any specific questions
PugwasHDJ80 said:
Hi Turn 7
Fwiw I can give you some advice on the transaction side of things as I advise shareholders on exit strategy and sales.
If they are Tuping you over it means that the boss has sold the assets of the business but not the ltd co itself. So this could include any combination of the following:
physical assets (machinery, stock etc),
financial assets (debtor book, maybe),
Intangible assets (names, website, customer contracts and relationships)
The deal will only be complete when the Asset Purchase Agreement is signed and money transferred to the ltd co. This date can often move whilst lawyers finish due diligence and the legals, and the financial package is finalised. It can and does all fall apart at the last minute.
From your perspective nothing wi change immediately, you'll be employed by a different legal entity, but on exactly the same terms as before with the same length of service. It's likely the buyer will make some chamges, if only to amalgate HR and the accounting teams.
Eventually your boss will windup the old legal company and extract Any cash once creditors remaining are repaid. For tax reasons he will be unable to work in the sector for at least the next two years.
From my perspective it's likely that you've gained job security in the short to medium term, but you will have to wait and see how the long term pans out.
Feel free to pm me with any specific questions
Cheers, YHM Sir...Fwiw I can give you some advice on the transaction side of things as I advise shareholders on exit strategy and sales.
If they are Tuping you over it means that the boss has sold the assets of the business but not the ltd co itself. So this could include any combination of the following:
physical assets (machinery, stock etc),
financial assets (debtor book, maybe),
Intangible assets (names, website, customer contracts and relationships)
The deal will only be complete when the Asset Purchase Agreement is signed and money transferred to the ltd co. This date can often move whilst lawyers finish due diligence and the legals, and the financial package is finalised. It can and does all fall apart at the last minute.
From your perspective nothing wi change immediately, you'll be employed by a different legal entity, but on exactly the same terms as before with the same length of service. It's likely the buyer will make some chamges, if only to amalgate HR and the accounting teams.
Eventually your boss will windup the old legal company and extract Any cash once creditors remaining are repaid. For tax reasons he will be unable to work in the sector for at least the next two years.
From my perspective it's likely that you've gained job security in the short to medium term, but you will have to wait and see how the long term pans out.
Feel free to pm me with any specific questions
Gassing Station | Business | Top of Page | What's New | My Stuff