Sole Trader Check List on Takeover Day
This Checklist covers a large area of Taking over a Business. As no two situations are the same, only the basic position is outlined. The answers do not provide a complete or authoritative statement of the law, nor do they constitute legal advice by the author. The information provided is only a snapshot: it does not create a contractual relationship nor does it form part of any other advice, whether paid or free.
This Check List has now changed to provide information for anyone that is looking to buy a business and change their life style. The original was made on the assumption that anyone taking a freehold, lease or a tenancy will have been fully briefed by their Solicitor on their responsibilities within the constraints of the lease and the lists are for guidance and assistance in the taking over of a business as a sole trader. However we have now decided to increase the information for potential buyers that have not consulted a solicitor.
Please note, access to these lists is totally free if you would like to subscribe (No Charge) on www.buyingapub.com, they are free to be read for your guidance and aimed to help you get through a time of considerable pressure and demand. If you subscribe you may download this information if you need to.
This is a guide to assist you, it does not include specific diverse products.
1. Advertising, check all vendors contracts and arrangements
2. Always go for completion at the beginning of the month, helps cash flow.
3. Asbestos Report including old Artex Ceilings and Walls READ ON
4. Auto Enrolment and Staff Pensions READ ON
5. Bank business accounts READ ON
6. Cash and Carry Account
7. Cash and Change for Tills.
8. Certification for all electrical appliances where applicable READ ON
9. Charities Local
10. Cleaning Contracts and supplies
11. Close Business for at least mid-day
12. Cold Storage Check
13. Contract to buy Business, Signed and completion time.
14. Contracts of Employment for Staff READ ON
15. Credit and Cash Flow Guidance READ ON
16. Deliveries on the Day
17. Delivery Days for all suppliers and order Days
18. Diary for all Bookings and Incidents
19. EHO Registration and Food & Hygiene Certs READ ON
20. Employment Law CLICK HERE
21. Energy Suppliers, Annual Contract READ ON
23. Equipment details of any outstanding rented or financed
24. Epos Tills make sure you know how they work
25. External Notices for areas within ownership
26. Finance for completion
27. Fire safety equipment contract, Risk Assessment Check for More
28. First Aid Boxes with Accident Books.
29. First Aid training for Staff Check for More
30. Fixtures and Fittings, check quality and reject damaged fittings, if damaged since exchange of contracts, ensure that you have enough to equipment to trade with, many vendors remove equipment without realising that they have been paid for by the purchaser.
32. Graph to record Day to Day Takings
33. Health and Safety More
34. Heating Service Record for Boilers and any others
35. HSE Requirements More
36. Inland Revenue if you have staff, ensure that you are registered Check for More
37. Inland Revenue, Sub Contractors Certification if relevant More
39. Interview Staff Check for More
40. Inventory of everything included in the Purchase of the Business
41. Local suppliers Accounts:- Builders Merchant, Catering equipment, Computer Service, Dry Goods, Garage local, Ironmonger, Office Equipment, Plumber, Electrician,
42. Opening day, check the specialist equipment needed to carry out your business activity beyond this list
43. PDQ Machines for Credit Card Check for More
44. Performing Rights and PPL Phonographic Performance, essential licences
45. Pets, if you have any, where are they allowed.
46. Phone Numbers of Essential Contacts
47. Rates payable and dates
48. Refuse Collection
49. Regulations for Disabled Compliance Check for More
50. Service Contracts, Rodents, Equipment, Cleaning
51. Sky or other TV Contract and TV licences
52. Smoking legislation signs etc. Check for More
53. Snagging list and all queries
54. Staff Dress Code, if appropriate
55. Staff Job Description (Jobs Manual is worth considering)
56. Staff paperwork Inland Revenue, hours etc.
57. Staff References
58. Staff Redundancy, Details of possible redundancy commitment for existing staff in cost, to you. Check for More
59. Stocktaker for Stock and F & F, do not accept out of date stock
60. Telephone Details
61. Trading accounts for suppliers:- Services, Gas, Electricity, Oil etc.,
62. VAT Registration Check for More
63. Website and email addresses, understand using Social Media. Restaurant Design Forms Get instant Access Now
64. Weights and measures signs and compliance Check for More
Allergens came in last year Read More
Scores on the Doors an essential for all businesses involving Food Hygiene, Read More
Credit and cash Flow More
Energy Performance Certificates and M.E.E.S.
FAQ’s on running a Business More
Questions you need to ask the Landlord, they also cover Tied Leases More
Note:- Everyone buying a commercial property, especially a lease should have a Schedule of Condition, to validate the state of condition PRIOR to the handover date. If there are outstanding wants of repair or decoration, then either the Landlord or the previous Lessee is responsible, if it is left until a later date, no action can be taken without documentary proof agreed with the Landlord or his Agent.
When buying a business, do not over estimate the level of business that you think you will achieve in the first two years, however bad or incompetent the existing vendor is. A good yardstick is 5%, if you exceed that you are doing well. Always remember available Business is finite in a catchment area, any growth is at the expense of another business and they will fight to retain it. The only real initial growth is by developing a new aspect to the available business in the area.
If you find anything that you consider should also be listed, please email us at firstname.lastname@example.org, we appreciate your input, if it will help others.
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