How do I hand over future wedding bookings when I sell my estate venue?
Build a full list of future weddings with date, package, deposit paid, balance due and any promise you made. Agree with the buyer how deposits and obligations pass over, then tell couples yourself, in a planned way, with the new owner’s details. Have your lawyer write the arrangement into the sale.
Begin with a booking register. For each wedding record the date, the couple, the package, the vendors involved, the deposits received, the balance and when it is due. Add special promises such as a reduced rate, an included extra or a favourite space. A buyer will want to know all of it before they agree to honour it.
Deposits need a clear answer. If you keep them, the buyer must deliver the weddings with no money behind them. If the buyer takes them, the couples’ money has moved. Either way, your lawyer should set out how it works and what you tell clients. Check the client contract for anything that limits passing the booking on.
Then plan the message. Tell the couples soon after the sale is firm, in your own words, and introduce the new owner. Offer a venue visit with the buyer, so couples meet the person who will host their day. Keep your own contact available for a time afterward, and stay in touch with the vendors. Be ready to answer the questions couples will ask about whether their menu, music and timeline will stay the same.
Key takeaways
- Build a register of weddings, deposits, balances and special promises.
- Agree in writing how deposits and obligations pass to the buyer.
- Tell couples yourself, soon after the sale is firm.
- Arrange a visit so couples meet the new owner.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 02Business Development Bank of CanadaGovernment7 steps to increase your business’ value—before you sell it
- 03Business Development Bank of CanadaGovernmentWhat is succession planning?
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