What a business owner should hand over first, and what to keep

Handing your business to an outside team is a big step. Here is a simple list of what to hand over and what to keep.

Hand over the daily work

Staff scheduling, suppliers, customer calls, repairs, paperwork. This is what wears owners out, and it is what an outside team is for.

Keep these

• The bank accounts. The team can see them. Nobody moves money alone.
• The final say on selling, borrowing and any spending over a limit you set.
• Ownership. You are still the owner.

Ask for these in writing

• A monthly report: profit and loss, cash in the bank, key numbers, what was decided.
• How either side can end the agreement, and what happens to staff, accounts and records.
• Who exactly will work on your business every day.

Before you sign

Get the price in writing, ask for a reference, and have your own accountant read it.