Signing .... and a new start

The business I run was a none core subsidiary of a larger aviation group. We had been growing rapidly and profitable over the last few years but as a none core subsidiary which was still small enough to be vulnerable if we were a standalone company I had been searching for a trade sale for a while.

Without going into any confidential details of the sale it was three incredibly hard and draining three months whilst we completed the Due Diligence on the sale before we reached the point of sale.

I had arrived in the Czech Republic the day before the deal and had a very pleasant dinner with a representative of my current owners. The following morning the lawyers from London, the representative and I made our way to the lawyers chose by my new owners, whilst we negotiated the final points of the deal the junior lawyers arranged the paperwork in another room.  Once the final details had been agreed we were able to start the signing.

The documents were numbered from 1 to 32 and there were 4 copies of each document Signing legal documents is not a simple as it might seem, different countries require different colours of pen or even different types of ink. In this case a blue pen was required. We started at 1 and progressed through the list. Part way through some documents required the notary who was in attendance to observe our signature and to note this in her register. At various points in the signing we had to have some official board meetings to allow directors to resign and new ones to be appointed. The Notary would call us to order and the read through the requirements. We had to appoint a Chairman for the meeting and I was to be the chairman for the first meeting she asked the assembled people if they were happy that I was to be Chair, we all said yes and there was a fully of voices in Czech before one of them said, we need a show of hands, she then asked us again as we raised a hand and I was appointed to chair the meeting.

Finally after three hours we had completed signing all the document and were waiting for the money to appear in the various bank accounts. There was a delay with this so the lawyers agreed to hold all the documents until the funds were received. At that point I left with my new owners so they could visit the company they owned for the first time.  I could not help feeling it was like a prisoner transfer…. I arrived with my current owners, we signed a load of documents and I left with my new owners. Leaving my old owners behind in the lawyer’s office. Quite a momentous day for me.