So, you’ve gathered all the due diligence information requested, you’ve agreed terms with the buyer and you’ve got a solicitor engaged. What next?
To sell your business you need to find a buyer who is willing to buy it and, more importantly, buy it for a price that you are happy with! Your accountants or a corporate finance adviser will be able to help if you are actively looking for buyers. Solicitors tend to become involved once a buyer has already been identified- and we would always suggest you ask a solicitor to review a heads of terms/ offer letter before you sign it.
It is always sensible to revisit and review your Parent Contracts on a regular basis to make sure that they reflect recent legal developments and changes and work as best as they can for your School. This is even more important now as we all grapple with the impact of the Coronavirus pandemic.
I frequently give advice to employers about the risks of not following scrupulously fair disciplinary procedures, even in cases which look like a slam-dunk. Occasionally they look on me with eyes of disbelief as I explain that following procedures avoids unanticipated future problems. Then every so often a case comes along that proves the point.