Chapter 8: The takeover and the first 100 days
How to take over the business: handover day, staff, customers, suppliers, systems, the seller’s transition period and registration in the CVR register.
4 min readUpdated
Once the purchase agreement is signed, the real work begins. The handover is the moment when customers, staff and suppliers find out who you are, and the first months often decide whether the business continues the way you expected. This chapter covers handover day and a plan for the first 100 days.
Handover day
- The price has been paid as agreed, and the seller has confirmed receipt.
- Stock, prepayments, receivables and wages have been calculated and settled as agreed.
- Keys, alarm codes, passwords and administrator roles have been handed over.
- Domains, website, email, social media, ad accounts and the payment provider have been moved to you.
- Passwords have been changed, and two-step verification is switched on for the most important accounts.
- Bank, insurance and subscriptions are in your name or your company’s name.
- All original documents and agreements have been received.
If you trade through Sitavo, you get a handover checklist that fits the type of business, where you both approve each point. See Business handover in the deal.
Registration and authorities
- Share purchase: the register of shareholders, beneficial owners and possibly management and signing rules must be updated with the Danish Business Authority (Erhvervsstyrelsen).
- Asset purchase: the business continues under your own CVR number. Arrange VAT and employer registration, and transfer any licences and permits.
- Licences: alcohol licences, food business registration and the like may be personal or need to be applied for again. Clarify this before the handover.
- Insurance: make sure the business is covered from handover day.
The staff
The staff are often the most important thing you have bought, and they are unsure what will happen. Agree with the seller when and how they are informed, and ideally be there together. In an asset purchase they transfer with the rights they have under the Danish Transfer of Undertakings Act (virksomhedsoverdragelsesloven), and in a share purchase they simply continue in the company. Hold one-to-one conversations with the key people in the first weeks, listen more than you talk, and be honest about what will change and what will not.
Customers and suppliers
Customers should experience that everything works as before. Make a plan with the seller for who is told what and how. The largest customers should get a personal meeting or a call, ideally with the seller present. Suppliers need to know who will order and pay from now on, and whether agreements and credit terms continue. If the seller has had personal arrangements with a supplier, get them put in writing and transferred to you.
Systems and access
Get an overview of all systems, accounts and subscriptions, and make sure you are the only administrator. That covers bookkeeping, bank, payment provider, webshop platform, hosting, domains, email, analytics and ad accounts and social media. Change passwords, remove the seller’s access when the transition period ends, and check that automatic payments come from the right account.
The seller’s transition period
An agreed transition period with the seller is one of the best ways to secure knowledge and relationships. Use it actively: make a list of tasks and knowledge to be transferred, and hold regular meetings. Make it clear to staff and customers that you are now the one making the decisions. Follow up on the non-compete clause, and end the period as agreed.
A plan for the first 100 days
| Period | Focus |
|---|---|
| Weeks 1–2 | Handover, access, informing staff, customers and suppliers |
| Weeks 3–6 | Learn the operations, talk to key people, watch cash flow closely |
| Weeks 7–10 | Compare reality with your budget and due diligence, note improvements |
| Weeks 11–14 | Prioritise the first changes, and end the seller’s transition period as planned |
When something is not as agreed
If you discover after the handover that something does not match what the seller stated or warranted, note it straight away and gather the documentation. The purchase agreement determines how and within what time limit you must make a claim, so read it again and talk to your lawyer before the deadline runs out. Many disagreements can be resolved through a factual dialogue with the seller, especially if you are still working together during the transition period. If you traded through Sitavo, you can also get help through Help, cases and disputes.
Make haste slowly
Many new owners want to make their mark quickly. It is rarely a good idea to change prices, products or organisation in the first months. First get operations running smoothly under you, and build trust with staff and customers.
When the deal has been completed on Sitavo, the proof of purchase and receipt are under the deal’s documents, and a plan for the first 90 days reminds you of the deadlines. You can also leave the seller a review. See The deal process step by step and Reviews after a deal.
Frequently asked questions
Pay as agreed and get confirmation that the payment has been received. Take over keys, passwords, accounts and documents, complete the count of stock and other items, and change the passwords on the most important systems. A checklist makes it easier not to forget anything.
Agree on the timing with the seller. Often the seller and buyer inform the staff together once the deal is in place. In an asset purchase the staff transfer under the Danish Transfer of Undertakings Act, and there may be rules on informing them, so ask your lawyer.
Yes, the changes must be registered with the Danish Business Authority. In a share purchase, ownership and management, among other things, must be updated. In an asset purchase the business continues under your own CVR number, and you must arrange VAT and employer registration yourself.
That is agreed in the purchase agreement. The transition period can be anything from a few weeks for a small digital business to several months for a physical business with many customer relationships. Agree on the scope, tasks and any payment precisely.
As little as possible at first. Get to know the business, the staff and the customers before you make major changes to prices, products or organisation. First make sure operations run smoothly under you.
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