Business take over

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xkayla_herex

Xamyx
Joined
Feb 21, 2012
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Location
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I'm in the process of buying a salon- this may see like a really silly questions but for those who have taken over a existing business (I plan to change the name) how and when do you sort out things like phone line, gas electricity? I assume it's something Easily done- do I do it once we have exchanged and get them to change the bill/payment to me on a certain date? Will there be any problem with keeping the same phone number?

Also the card machine- do I set up a new contract with a card machine company of my choice for when I take over ? Or take over her contract?

I just want to make everything as smooth as possible so there's no problem when I take over.

Also I'm going to need to set up a business account- I already have one (with my existing business) but as this is going to be separate I would like another one.

Am I allowed to business accounts with the same company? (Santander)

If anyone could help I would really appreciate it.
 
Hi , all the existing contracts will be with existing business and will most likely terminate when the existing business is no more (you have completed) I would start from scratch and shop around to make sure you get the best deal - be careful with the gas and electricity - business deals are no where near as customer friendly as domestic and they tie you into a contract you so you can't compare and move before your contract ends - also beware of deemed contracts with her existing supplier - a quick google will explain the pitfalls x
 
If the business is a limited company then the existing business wouldn't be terminating, just changing hands therefore all contracts would still be in place with the business as far as I'm aware.
 
Thank you for your replies, the business is a limited company- but if I'm closing that limited business down and opening a new one (as i will change the name) then sureley it will be all new and would need new contracts?
 
You should be putting these questions to your solicitor as s/he is the one with the legal expertise and being paid to advise you.
 
Thank you for your replies, the business is a limited company- but if I'm closing that limited business down and opening a new one (as i will change the name) then sureley it will be all new and would need new contracts?
You can change names without closing the ltd company. Closing a limited company isn't as easy as sole trader business. Paperwork and dealing with any current contractual commitments etc. You really want a solicitor to be handling all of this for you. I wouldn't consider buying a business without one taking care of it all.

Also, I'm not sure how it would work with the leaseholder if you were closing the current business and opening another one. You'd need a new lease I imagine as current one would be in the old business name and nothing to say it will be at the same current terms. Lots to think about.
 
Ahh ok didn't realise it could be so complicated, it's still early days I'm just over thinking things in advance but my solicitor can help me with all this.
 
I have just taken over salon I rang and got everything into place ready for change over giving myself leeway of a week just in case delayed etc . Shop around I saved hundreds x
 

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