Goodwill
This is the reputation, name, customer base and many other aspects which make up the intangible value of a business
Fixtures and equipment
This includes the items which the business requires to operate such as the machinery, white goods, furniture, tools etc
Property
This is the property which the business operates from. Most commonly, this is in the form of a lease but can sometimes be a freehold premises.
Stock
Depending on the type of business there can be a sale of the stock in trade. This is common with a sale of a shop. This is usually dealt with by having a valuation carried out on or as close to the completion of the sale as the stock varies day to day.
As the property which a business is operated from is most commonly held in the form of a lease, there will often be the need for a lease assignment simultaneously with the sale of the business.
The landlord of the property will therefore need to be involved in the transaction as their consent will be required. Although the business will continue to operate from the premises, the tenant under the lease must change.
