I'm in the later stages of purchasing a niche sub-contracto…

Insurance: (Staying with current provider)
- auto coverage on fleet of 40+ vehicles.
- General liability policy.
- Workers Comp policy.
- Bonding, done on a job by job basis, for a minority of their work. (I got a backup quote from another bonding agent for a fall back).

Benefits:
- I'm doing an asset purchase, so retirement benefits will likely have to start fresh under new entity. Will keep the same provider.
- Health Insurance will remain with incumbent, but have to migrate and re-enroll everyone under new LLC.
- Exhaustive list of emp perks.

Payroll:
- Currently done in-house, and paid weekly. Will keep the same, but need to get everything lined up based on timing of close and bank account. (See below).

Bank Accounts:
- Goal is to keep the same bank account for now, to reduce number of changes- less to go wrong. Built in a true-up with sellers for any payments post-close that shouldn't have carried over. MAKE SURE to change authorized signers.

Vehicle Titles:
- This is a bitch, but has to be done with an asset purchase. Manually have to fill out a transfer of title form for each vehicle (40+), and go take them to the DMV. $350/vehicle transfer fee. That's $14,000 of closing related costs. Sellers never want to pay it.

Phones:
- Cell phones shouldn't be hard, but it usually is. Migrating to the new LLC and keeping active service without hiccups. $4k/month in cell service doesn't get you to the front of customer service line.
- Same with landline, usually easier.

Equipment Leases:
- Most of the equipment is owned free and clear, but some stuff has leases that need to be assigned. This can come up with computer or speciality equipment (Fork-lifts, printers/copiers, cleaning service, etc.)

Software/Subscriptions:
- Can be a good time to reset things, but don't risk cutting too much too soon and disrupting ops.
- CRM, Payroll, Estimating/Invoicing, office supplies, fleet management, service contracts, memberships to trade assoc's- the list goes on. Varies by company

Licensure:
- At the very least City/County business license.
- (If applicable) Make sure sales tax has been paid properly by seller, and that you set it up right for yourself.
- Speciality licenses, you'd be amazed what is and isn't regulated. Stories for another thread.

Intellectual Property:
- If this is important for the company, then it will be a big deal as part of the purchase agreement.
- BUT, I've seen some crazy stuff- like a seller trying to continue to use the company logo after he sold the company.

Employee Roster:
- I have bits and pieces of this information from DD, but I need a master document that's more up to date and exhaustive.
- Names, positions, tenure, current comp and any changes forthcoming. Details about perks- cell phone, vehicles, cash, vacations, etc.

Facility Lease:
- I'm leasing back from my sellers with an option to buy and ROFR.
- If leasing from a 3rd party, make sure new lease is a counterpart to purchase, or assignment of current lease.
- Make sure any TIA, additional options, rent escalation are clear to all parties.

Facility Lease (Con't)
- Just because the seller tells you that the landlord is going to extend the lease, or pay for the parking lot to be repaved, doesn't mean that he will.