How should I hand over my plumbing company’s property manager accounts to a buyer?

Property managers usually deal with a person rather than a company, so the handover is about trust. Begin with the list. For each account, show which buildings you service, the kind of work, how jobs arrive, who approves them and how quickly they pay. Note any approved-vendor status or paperwork the manager requires from contractors.

Then look at money. Prepare an aging report of what each manager owes you. Slow payers should be flagged honestly, and any disputed invoice should be explained. Decide with your accountant how unpaid invoices at closing will be treated.

Introductions come next. Arrange a meeting or a joint site visit with each major manager, and let them hear from you that the buyer will keep the standard they expect. Some managers will ask for new insurance certificates or paperwork from the buyer, so tell the buyer early. Finally, stay available for questions during the transition, and keep your promises about timing so the managers see continuity. Keep a copy of every email thread with the managers about rates and approvals, because a buyer will ask where each agreement is written down. Keep a short list of open questions from each manager. Note which managers want paperwork refreshed, and who on your side will chase it.

Key takeaways

• List each account by buildings, work type, approvers and payment habits.
• Prepare an honest aging report before closing.
• Introduce the buyer in person to every major manager.