Selling your Business

When selling your hire business and transitioning ownership, HirePOS offers a structured process to facilitate the handover. This document outlines the steps in selling a hire business with HirePOS, ensuring a seamless transfer of data and operations to the new owners.

The process of selling a hire business with HirePOS involves several key steps to ensure a successful transition:

1. The selling party contacts HirePOS at hirepos@hirepos.com.au to inform them of the intention to sell.

2. The buying party initiates a new trial with HirePOS by visiting https://app.hirepos.com/Trial.

3. The buying party benefits from the new trial, including training and support provided by HirePOS. The buying party can book a training or demo session via book.hirepos.com.

4. The selling party formally notifies HirePOS via email of the handover/settlement date and requests the transfer of their database to the buying party's account.

   1. The selling party should communicate any specific data requirements, such as excluding certain information from the database transfer, at this stage. Otherwise, all data will be duplicated in its entirety.

5. On the agreed-upon date, the contents of the selling party's database are copied to the buying party's account.

6. It is crucial that the buying party agrees to the transfer, as any data entered during the trial phase will be erased upon database migration.

7. The buying party begins paying for their monthly subscription to HirePOS.

8. The selling party maintains control and access to their original account and database as long as they continue to pay for their subscription.

   1. Often, the selling part will be able to reduce to a single user account and reduce their monthly cost to a minimum.

• The initial contact indicating the intent to sell serves as a 30-day notice for the termination of active subscriptions, as per HirePOS terms of use.

• The selling party may retain a copy of HirePOS for tax reporting and accounts receivable purposes, with clear agreements between the parties on data usage.

• HirePOS will attempt to follow the data owners' directives regarding data migration but is not liable for any breaches resulting from the process.

• The buying party can continue trading with the benefits of a HirePOS subscription post-sale.

Even after exiting the business, access to data for tax reporting is essential. It is recommended that all necessary reports be exported to PDF format and securely stored in cloud services like Microsoft OneDrive, Google Drive, or Dropbox, or on a portable hard drive kept in a safe location. This ensures easy access to the data when needed.

HirePOS subscriptions are billed monthly in advance, and data files are retained for a minimum of two years after the account closure. Businesses can choose to reactivate their subscription within this period by paying at least one month's fee. This flexibility allows businesses to access their data for tax purposes or other needs.

By following these steps and guidelines, selling a hire business with HirePOS can be managed efficiently, ensuring a smooth transition for all parties involved.