• Finalising funding, coordinating the timing of the release of funds & complying with any requirements of your offer of finance.
• Handing in your notice/Termination of your employment contract (if applicable). For employed first time buyers, the timing of the handing in of your notice can be extremely difficult as the ultimate completion date of the deal may be very difficult to predict accurately.  Terminating your employment prematurely may cause you to be without a job for several months and can cause severe financial stress if you are already stretching yourself to raise the funding for the business purchase.   For employed first time buyers -where possible - it may be best to go for a separate exchange and completion, whereby you hand in your notice only when the deal exchanges (and becomes legally binding), with the completion s date set to coincide with the end of your employment.
• Setting up a new business account and overdraft facility (not required if you are buying the shares of a company.
• Ensuring that suitable insurance is in place to provide adequate protection (e.g. shop policy or buildings & contents, public liability etc.) Certain levels of insurance are often a condition of funding.
• Finalising a new lease or the reassignment of an existing lease (as appropriate for leasehold businesses).
• Registering for VAT (if required).
• Satisfy any other sector specifying compliance – e.g. licensing, registration with local primary care trust (PCT) etc.
• Check latest trading figures / bank statements / VAT returns to ensure the business has operated normally during the legal transfer process.
• Organise stock take (appropriate for retail/wholesale businesses).
• Set up accounts with trade suppliers (asset purchases only).

This list is far from exhaustive, but we hope it will provide a useful starting point.
 

STEP 9

STEP 11