Selling my 100% in a CC

**Dave A** · 01-Mar-10, 09:16 PM

Just make sure you get a letter of release from the surety at the end of it all. Bankers love their belts and braces and in their view there's no harm in having you still tied in "just in case."

**jinxster** · 06-Mar-10, 09:45 AM

Ok my 2c, with the overdraft, moving the bank account is still a good idea.

What I would do is, sell the company like you have, then instruct the new member to move the account within 6 months - 24 months depending on various factors you can decide.

Then check in periodically with the new owner to see how it is going until the account is moved.

Even if you use the same bank with another account. At least after 2 year you wont ever have a problem.

**eitai2001** · 06-Mar-10, 12:28 PM

Originally Posted by jinxster

Ok my 2c, with the overdraft, moving the bank account is still a good idea.

What I would do is, sell the company like you have, then instruct the new member to move the account within 6 months - 24 months depending on various factors you can decide.

Then check in periodically with the new owner to see how it is going until the account is moved.

Even if you use the same bank with another account. At least after 2 year you wont ever have a problem.

Why though? If I get a letter from the bank releasing me as a surer, I don't see why. You must remember that a lot of our customers have our bank details saved on their internet banking, plus we will have to organize new merchant accounts and stuff ... it really is a big thing to change the account. I thought that once I get the surety changed, it should all be fine?

**jinxster** · 06-Mar-10, 01:09 PM

Peace of mind? Probably isnt necessary that much

**eitai2001** · 06-Mar-10, 01:17 PM

Originally Posted by jinxster

Peace of mind? Probably isnt necessary that much

Well once I get the letter from the bank, I will have the letter as a legal document, and a contract from the new owner as a legal document ... but more so the bank letter ... I think all should be fine thereafter. Remember, the bank account is held by a separate legal entity being my company.

**Dave A** · 07-Mar-10, 07:46 AM

Originally Posted by jinxster

...then instruct the new member to move the account within 6 months - 24 months depending on various factors you can decide.

I'd suggest post transfer-of-ownership requirements are quite tricky to enforce and should be avoided at all costs. The honeymoon period tends to wear off quite quickly when it comes to sales of business.