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Selling a business what’s the protocol?

  • 13-08-2024 12:14pm
    #1
    dubsfan
    Registered Users Posts: 48 ✭


    Hi guys

    I work in a relatively small business. I’m getting the impression the owners, our managers are getting ready to sell up. There’s been a lot of comings and goings the past 3 week with two guys turning up every day and in the boardroom. Files seem to be coming and out. The owners/‘managers haven’t been with them but have given them full access to everything by the looks of things. Not sure if these two guys could be potential buyers or maybe are accountants. The owners/managers have had 2 meetings in past 3 weeks so there’s definitely something going on. Another option could be maybe one of them is selling their share.
    anyone been in a similar situation?



Comments

  • #2
    Dav010
    Registered Users, Registered Users 2 Posts: 14,669 ✭✭✭✭Dav010


    Simplified answer, the owners decide on a value they will accept, the buyer does their due diligence to see if all is in order and the business is worth what they are offering, and a price is negotiated.

    The employees will be covered by TUPE legislation, then it depends on whether the buyer wants the company to continue to operate as is, wants to fold it into a larger organisation, or wants to shut it down and take only the clients/intellectual property/patents.

    As an employee, you just have to wait and see, but if you think it is bad news, then it’s either wait and see what redundancy payment you get, or polish up your CV.



  • #3
    blackbox
    Registered Users, Registered Users 2 Posts: 4,390 ✭✭✭blackbox


    Maybe those guys are from the fraud squad!



  • #4
    Oscar_Madison
    Registered Users, Registered Users 2 Posts: 6,262 ✭✭✭Oscar_Madison


    Could it be a revenue audit? Might the company be in financial trouble and this is the start of the wind down? Too little information to really say what’s going on



  • #5
    Dav010
    Registered Users, Registered Users 2 Posts: 14,669 ✭✭✭✭Dav010


    https://www.boards.ie/discussion/comment/122498323#Comment_122498323

    They would likely have their own accountants there also if it was an audit.



  • #6
    dubsfan
    Registered Users Posts: 48 ✭dubsfan


    they possibly could be struggling I never actually thought of that. How long generally would an audit take? As I mentioned above the guys that have been coming in have been

    Here from say 9 to close of business 4 days each week this is the third week they are here



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  • #7
    dubsfan
    Registered Users Posts: 48 ✭dubsfan


    would you be offered redundancy if new owners were willing to keep you on?



  • #8
    Hey2.Hey2
    Registered Users Posts: 168 ✭✭Hey2.Hey2


    If you're kept on then where's the redundancy…?



  • #9
    dubsfan
    Registered Users Posts: 48 ✭dubsfan


    https://www.boards.ie/discussion/comment/122498597#Comment_122498597

    I was asking in response to another poster who said to see what redundancy package we’d be offered



  • #10
    Dav010
    Registered Users, Registered Users 2 Posts: 14,669 ✭✭✭✭Dav010


    https://www.boards.ie/discussion/comment/122498579#Comment_122498579

    When an existing business is bought, TUPE regulations apply so any service/terms of employment you have under your existing employer carry over to the new owner. If they want to make your role redundant, they will let you go and you will have redundancy entitlements depending on your length of service/whether you qualify. If they decide to keep you on and you decide to leave, well in that case you just move on to the next job.



  • #11
    Oscar_Madison
    Registered Users, Registered Users 2 Posts: 6,262 ✭✭✭Oscar_Madison


    https://www.boards.ie/discussion/comment/122498571#Comment_122498571

    You’re obviously not privy to what’s going on but asking an innocent “is the company in trouble?” question to someone who does, might get to the truth- company owners hate the rumour mill so that might prompt them to issue some sort of “statement” to all staff - just don’t necessarily expect the full truth if there is something amiss - but you might be able to read between the lines



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  • #12
    POBox19
    Registered Users, Registered Users 2 Posts: 694 ✭✭✭POBox19


    Sounds like the annual audit.



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