How do I hand over my banquet hall’s event team and preferred vendors?
Introduce the buyer to your coordinators, banquet captains and preferred vendors in person, in a planned order, and explain what each does and how they work with the hall. Ask each vendor whether they will keep working with the new owner. Your lawyer should review any written terms with them.
A banquet hall is a team sport. Behind each event sits a coordinator who knows the couple, a banquet captain who runs the floor, and a set of outside vendors who know your room. A buyer who takes the keys but not the relationships may find the first few events harder than expected. A planned handover protects the guests’ experience and shows the buyer what they are really taking on.
Start with your own people
Decide with the buyer when staff are told and who speaks to them. Most staff want to know whether their job continues and who they report to. Introduce the coordinator and the captains first, and let the buyer ask how events actually run. Ask your lawyer about any employment questions the sale raises, and your accountant about anything owed to staff.
Map your preferred vendors
Write one page per vendor: the service they provide, how long they have worked in your hall, how bookings are passed to them, and whether any arrangement is in writing. Some vendors pay a fee to be on your list and some do not. The buyer needs to know which, so list it plainly. Vendors who feel overlooked may quietly send business elsewhere.
Introduce vendors in person
A short meeting or call with the buyer does more than an email. Say what you have valued about their work and what the hall expects, such as load-in times, noise and cleanup. Ask each vendor for their questions. Some will want to keep the current arrangement, others may ask for changes, and the buyer should hear that directly. See how a caterer hands over venue relationships for the same issue from the other side.
Stay available after closing
Agree how long you will answer questions after the sale. A phone call about a vendor’s quirks can save the new owner an awkward event. Put the arrangement in your sale agreement, and ask your lawyer to review it.
Related reading
10 pages on the same subject, grouped by topic.
Buying
- GuideBuying a banquet hall and event venue in Canada
- Expert answerHow does a banquet hall earn its revenue?
- Expert answerShould I keep the venue’s name after I buy an event venue?
- Expert answerWhat should I check before buying an event planning business?
- Expert answerWhat should I check before buying an event rental business?
- Expert answerHow do I find an audio-visual rental company for sale?
- Expert answerShould I buy a wedding venue with its land or only the business?
- Expert answerHow can I tell if a mobile catering business for sale is profitable?
Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaIndustryHow to sell your business
- 02Business Development Bank of CanadaGovernmentHow to Find the Right Buyer for Your Business
- 03Business Development Bank of CanadaGovernmentHow to minimize negotiations when selling your business
Deavo is an advertising and listings platform, not a brokerage, law firm or valuation firm. This page is general information, not legal, tax, accounting or valuation advice, and rules differ by province. Confirm anything you rely on with a qualified professional before you act on it.