Hello! My name is Kimberly Peterson. I am an experienced financial advisor with a diploma from University of Chicago and almost 12 years of work in the field. In my line of work I learned a lot of useful hints and loopholes as well as a gret deal of pitfalls associated with loans and credits. I prepared this website to offer you my expertise and asnwer the most common problems, so that you can ejnoy your loans safely.Loans from your business associates
How will your exit affect your customers, suppliers, bankers and advisers, and should you care? Again, there are no hard and fast answers, but in general I believe that outside of special personal relationships, you should not be too bothered about these associated parties. Business is business and change in business ownership is a fact of business life: owners do not in my opinion need to be advising all and sundry. However, let us consider some special relationships. You may own a business that is the major (or only) customer of a small supplier to whom you feel some sort of responsibility because, perhaps, you have encouraged him to supply only your business. Your likely purchaser could be a ‘big brother’ in the same industry that is likely to buy his supplies from his current supplier and not your supplier. In this case you might feel it necessary to advise your supplier well in advance of your exit plans.
The introduction of key customers to a new buyer is an integral part of the handover process in the sale of a business. The question is whether the seller should wait until the sale is a done deal, or give some notice to customers of his longer-term plans. The notice (hopefully coupled with a ‘best intentions’ undertaking to continue with the new owners) could be a condition of purchase and, if so, you will need to deal with this. However, confidentiality could also be the major consideration for the owner and this will need to be weighed in the balance with the advantages (mainly to the potential purchaser) of advising customers of what is happening.