You finally closed the deal on that business purchase you've been working on for months. Congrats! But don't pop that champagne cork just yet - the hard work is just beginning.
One important post-closing phase is the transition period. Usually, the seller will stay on board to help the buyer with the handover. This could involve anything from transferring client relationships to sharing industry knowledge and trade secrets.
The length and cost of the transition period can vary greatly. Some sellers offer a short, free transition period of just a few hours per day for 30 days. Others may offer more extensive support for several months or even a year, for an additional fee.
But one thing to keep in mind about transition services from the seller is to work out these details before closing, so everyone is clear on expectations. Including transition terms in the purchase agreement will help pave the way for a successful acquisition.