1. You have a criminal record.
2. You are highlighted as an unacceptably high credit risk.
3. You have not demonstrated sufficient business acumen.
If you haven't done all your necessary preparation work we may question your judgement!
We must ensure that you can comply with the terms of your agreement. In addition, we also advise the 'seller' (assignor) to conduct the following when considering selling their business:
- A professional valuation to establish the appropriate premium.
- Confirmation of F&F ownership along with a full inventory.
- Given the full repairing conditions imposed within the agreement, ensure that the business is transferred in a fit and proper condition.
- Check with their solicitors on-going 'Privity of Contract' obligations if the agreement was signed prior to 1 January 1996.
- To ensure that they thoroughly assess any potential buyers of the business in terms of their suitability, quality of business plan and financial back-up.
- To have prepared three years of business performance data for any potential purchaser to view.
- To inform Punch Taverns of their intention to transfer in order for Punch Taverns to approve the process.
- To ensure that any outstanding debts with Punch Taverns and any other suppliers are settled in full prior to departure to protect the in-going assignee.
As a purchaser, once your application is acceptable to Punch Taverns, solicitors are instructed to ensure a contract is drawn up which legally transfers the agreement.
As previously mentioned, we also advise anyone taking a new agreement or a transfer to have a professional survey produced, just like you would when purchasing a house.
Please note: That if the agreement was granted after the 1st January 1996 additional conditions may be imposed, these conditions will be explained by your solicitor.
You should always seek independent professional advice, both legal and financial.
And finally
Stick to the facts and you won't go far wrong, do your homework as you would with any business venture and most of all, make sure you're getting value for money!
What else should I be aware of? |