{"id":223636,"date":"2023-05-30T20:10:39","date_gmt":"2023-05-30T07:10:39","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=223636"},"modified":"2023-06-09T20:10:12","modified_gmt":"2023-06-09T07:10:12","slug":"sell-childcare-business","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/sell-childcare-business\/","title":{"rendered":"How Can I Sell My NZ Childcare Business?"},"content":{"rendered":"\n<p>Saying farewell to your childcare service business can be challenging. Additionally, you likely want your business bought by someone who cares about it as much as you do. During a business sale, you must consider many factors, including due diligence, legal agreements and finding the right buyer. Navigating your sale can be challenging with so many steps. This article will guide you through selling your NZ childcare business.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Prepare for Due Diligence&nbsp;<\/h2>\n\n\n\n<p>Due diligence involves investigating a business\u2019 affairs before investing or purchasing. Before allowing due diligence, it is recommended to ask viewers to sign a non-disclosure agreement (NDA). An NDA will prevent third parties from disclosing your confidential business information to others.\u00a0<\/p>\n\n\n\n<p>Initially, investors and potential buyers are likely to review the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>financial statements;<\/li>\n\n\n\n<li>company constitution;<\/li>\n\n\n\n<li>articles of incorporation;<\/li>\n\n\n\n<li>legal documents;<\/li>\n\n\n\n<li>contracts;<\/li>\n\n\n\n<li>leases;<\/li>\n\n\n\n<li>business plans; and<\/li>\n\n\n\n<li>licenses to work with children.<\/li>\n<\/ul>\n\n\n\n<p>You can collate all relevant business information in a virtual data room. This can make the due diligence process more efficient and makes it easier for viewers to locate documents.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Locating a Buyer<\/h2>\n\n\n\n<p>A key step is locating an appropriate buyer to run your childcare business. Firstly, confirm that your buyer is authorised to work with children. This involves them going through a Children\u2019s Worker Safety Check, which includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ID verification;<\/li>\n\n\n\n<li>NZ Police vetting;<\/li>\n\n\n\n<li>references;<\/li>\n\n\n\n<li>employment verification;<\/li>\n\n\n\n<li>checks with professional registration bodies;<\/li>\n\n\n\n<li>interview with your buyer; and<\/li>\n\n\n\n<li>risk assessment.<\/li>\n<\/ul>\n\n\n\n<p>Secondly, ensure that your buyer is capable of running your business. You may like to verify:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>their goals for your business;<\/li>\n\n\n\n<li>financial statements; and&nbsp;<\/li>\n\n\n\n<li>any previous experiences in a management role.&nbsp;<\/li>\n<\/ul>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/28131832\/how-to-sell-your-business-guide-_-560x792-1-e1635392481928.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">How to Sell Your Business in New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>Looking to sell your business? This free guide will help you to understand the moving parts that impact a successful sale. <\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/guide-to-selling-your-nz-business.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a 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aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_2452_3\" class=\"gfield gfield--type-phone gfield--input-type-phone gf_right_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_3'>Phone<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_2452_3' type='tel' value='' class='medium'   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_2452_14\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full custom-select gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label 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When selling your business, you should assign or transfer the lease to your new buyer. However, before beginning this process, check your existing lease to confirm if you can assign the lease. Additionally, it is best to discuss your business sale with your landlord and acquire their consent for the assignment.&nbsp;<\/p>\n\n\n\n<p>Your landlord may like the following information from your buyer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CV;<\/li>\n\n\n\n<li>financial statements;<\/li>\n\n\n\n<li>business plan; and<\/li>\n\n\n\n<li>credit history.<\/li>\n<\/ul>\n\n\n\n<p>Once your landlord agrees, you can begin drafting a <a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/deed-assignment\/\">deed of assignment<\/a> with the help of your lawyer. Your deed of assignment should include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>landlord\u2019s consent;<\/li>\n\n\n\n<li>your consent;<\/li>\n\n\n\n<li>buyer\u2019s consent;<\/li>\n\n\n\n<li>property being assigned; and<\/li>\n\n\n\n<li>lease terms.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Consider Business Contracts<\/h2>\n\n\n\n<p>Your childcare business may have existing contracts with the following:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>partners;<\/li>\n\n\n\n<li>businesses;<\/li>\n\n\n\n<li>customers; and&nbsp;<\/li>\n\n\n\n<li>investors.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Such contracts must be transferred to the buyer. Otherwise, the purchaser may struggle to maintain your business model. To transfer the contract, first, discuss your business sale with the appropriate party.&nbsp;<\/p>\n\n\n\n<p>Accordingly, you can transfer your rights and obligations to your buyer <a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/things-to-consider-before-signing-deed-of-novation\/\">through a novation<\/a>. Ensure that all parties consent to this action. You can draft a deed of novation which can include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>details of the original contract;<\/li>\n\n\n\n<li>reason for novation;<\/li>\n\n\n\n<li>date of novation;<\/li>\n\n\n\n<li>parties;<\/li>\n\n\n\n<li>consent; and<\/li>\n\n\n\n<li>indemnity.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Sale and Purchase Agreement (SPA)<\/h2>\n\n\n\n<p>To finalise the terms and conditions of your business sale, <a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/what-is-a-sale-and-purchase-agreement\/\">draft a SPA<\/a>. Your SPA can outline the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>purchase price;<\/li>\n\n\n\n<li>deposit;<\/li>\n\n\n\n<li>included assets;&nbsp;<\/li>\n\n\n\n<li>property lease terms;<\/li>\n\n\n\n<li>warranties;<\/li>\n\n\n\n<li>conditions to complete the sale;<\/li>\n\n\n\n<li>settlement date; and<\/li>\n\n\n\n<li>confidentiality.<\/li>\n<\/ul>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Note that precedent conditions must be fulfilled before the sale is complete. For example, you may require the buyer to finalise and provide evidence of funding before buying your business.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Settlement Process<\/h2>\n\n\n\n<p>Firstly, your buyer will pay the total purchase price upon the settlement date. Note that your purchase price may need adjustments due to the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>rent;<\/li>\n\n\n\n<li>outgoings;<\/li>\n\n\n\n<li>employee benefits; and<\/li>\n\n\n\n<li>stock.<\/li>\n<\/ul>\n\n\n\n<p>Secondly, ensure to transfer all intellectual property (IP) included in your SPA. This may include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the business name;<\/li>\n\n\n\n<li>trade marks;<\/li>\n\n\n\n<li>websites;<\/li>\n\n\n\n<li>domain names;<\/li>\n\n\n\n<li>customer list;<\/li>\n\n\n\n<li>social media accounts; and<\/li>\n\n\n\n<li>patents.<\/li>\n<\/ul>\n\n\n\n<p>To transfer ownership of a patent or trade mark, you must apply for an IPONZ assignment.&nbsp;<\/p>\n\n\n\n<p>Lastly, your buyer may offer employment to your existing staff. Ensure that their new employment agreement starts from the settlement date. Otherwise, you should pay all outstanding entitlements if employees are made redundant.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways&nbsp;<\/h2>\n\n\n\n<p>Selling your childcare business is a significant decision. Firstly, you can prepare for due diligence by collating all relevant information in a virtual data room. Secondly, ensure your buyer has the licensing and authorisation to work with children. Thirdly, remember to assign your lease with your landlord\u2019s consent. You can also transfer your business contracts through a deed of novation. To finalise your sale terms and condition, you can draft a SPA. Lastly, your settlement process will include payment of the purchase price, IP transfer and employee considerations.&nbsp;<\/p>\n\n\n\n<p>If you need help selling your childcare business, contact our <a href=\"https:\/\/legalvision.co.nz\/business-sale-purchase-lawyers-lp\">experienced business lawyers<\/a> to assist as part of our LegalVision membership. You will have unlimited access to lawyers who can answer your questions and draft and review your documents for a low monthly fee. Call us today at <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions&nbsp;<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1685430419391\"><strong class=\"schema-faq-question\"><strong>What is a deed of novation?<\/strong><\/strong> <p class=\"schema-faq-answer\">A deed of novation will transfer all rights and obligations in your business contract to your buyer.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1685430429262\"><strong class=\"schema-faq-question\"><strong>How can I prepare for due diligence?<\/strong><\/strong> <p class=\"schema-faq-answer\">Begin by asking your potential buyers to sign your NDA. After that, you can collate all your business information into a virtual data room ready for viewing.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saying farewell to your childcare service business can be challenging. Additionally, you likely want your business bought by someone who cares about it as much as you do. During a business sale, you must consider many factors, including due diligence, legal agreements and finding the right buyer. Navigating your sale can be challenging with so<a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/sell-childcare-business\/\">Continue reading <span class=\"sr-only\">&#8220;How Can I Sell My NZ Childcare Business?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":215625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"204140,207999,205510,208763,1669,218951","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[13],"tags":[23,25,33,35],"class_list":["post-223636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-and-purchase","tag-start-a-business","tag-small-business","tag-company-sale","tag-due-diligence"],"acf":[],"yoast_head":"<!-- This site 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