Graham’s Guide Chapter 10: 

 

Going Unconditional, Settlement and Handover

Congratulations. Reaching an unconditional agreement is a significant milestone. The transaction has now moved from ‘likely’ to ‘committed’. The period between going unconditional and settlement is about careful planning, clear communication and ensuring the transition to the new owner is smooth.

What Happens After Going Unconditional?

Once all conditions have been satisfied, lawyers prepare the settlement documentation while your broker coordinates communication between the buyer, seller and advisers.

Preparing for Settlement

·       Finalise legal documentation

·       Confirm settlement adjustments

·       Complete any agreed stocktake

·       Prepare asset registers

·       Arrange lease and contract transfers

·       Plan staff communication

·       Schedule the handover period

Communicating With Staff and Customers

The timing of announcements is critical. In many transactions staff are advised once the sale is unconditional, followed by carefully planned communication with customers and suppliers.

Settlement Day

Settlement is typically a structured legal process. Funds are transferred, documents are exchanged and ownership changes hands. Keys, passwords, manuals and operational records are handed over in accordance with the sale agreement.

Supporting the Buyer

Most agreements include a handover period. A professional transition helps reassure staff, customers and suppliers while allowing the buyer to build confidence in their new business.

Graham’s Tip

Your reputation continues after settlement. A generous and well-organised handover reflects well on you and helps protect the legacy you’ve built.

Broker’s Desk

The smoothest settlements are those where preparation started weeks earlier. Good communication removes uncertainty and keeps everyone focused on achieving a successful outcome.

Common Mistakes

·       Stopping work before settlement.

·       Failing to prepare passwords and records.

·       Poor communication with staff.

·       Leaving maintenance issues unresolved.

·       Treating handover as an afterthought.

Action Checklist

·       Confirm settlement arrangements.

·       Prepare keys, codes and documents.

·       Agree on the handover plan.

·       Plan communications.

·       Maintain normal trading until settlement.

Looking Ahead

The sale is almost complete. In the final chapter we’ll discuss life after settlement, the emotions many owners experience and how to make the most of your next opportunity.