|1.1 Is owner registered in that state?
1.2 Is operator registered in that state?
2.1. Depository bank account opened, funds transfer arranged?
2.2 Concentrating account coordinated?
2.3 Credit card accounts arranged for?
2.4 T&E card accounts arranged for?
2.5 Checks ordered
3.1 City/county licenses/permits?
3.2 State sales tax arrangements?
4.1 Electricity, special reading and application?
4.2 Gas, special reading and application?
4.3 Water/sewer, special reading and application?
4.4 Garbage/refuse collection continued?
4.5 Telephone service (local) reading and application?
4.6 Telephone service (L.D.) cutoff and application?
4.7 Telephone service (pay and PL's, if any)
4.8 Telephone service releases from prior owner/operator.
5.0 Personnel Issues
5.1 Obtain payroll listing (w.titles) from seller.
5.2 Discussion w/ GMas to his status/plans.
5.3 Explain to GMchanges in operating/acct. philosophy.
5.4 Explain to GMimpact of sale/purchase on employees.
5.5 ADPforms and new employee packets ready?
6.2 Big Four (China, Glass, Silver and Linen)
6.3 Forms and Stationary
7.1 Advise GMto note folios balances at closing.
8.1 Location of equipment manuals?
8.2 Equipment warranties?
9.0 Ongoing contracts and leases?
9.1 Billboards9.2 Cable TV
9.3 Others? (List)
10.1 Personal contact with franchisor.
10.2 Franchisor contractual requirements.
11.0 Insurance Issues
11.1 Building and contents?
11.4 Employee bonds?
11.6 Worker's compensation?
11.7 All necessary additional insured (owner and operator)?
12.0 Accounting Issues
12.1 Service Bureau Notified?
12.3 Accounting orientation for GM?
12.4 Interim accounting kit ready?
13.0 Marketing Issues
13.1 Press releases ready?
13.2 Upcoming Group bookings?
13.3 Upcoming important local events (sports, concerts, etc.)
14.0 Closing items
14.1 Closing date?
14.2 Attorney handling closing?
14.3 Purchase agreement last reviewed?
Things to Accomplish Day of Closing/Management Change
2.0 Ascertain cash drawer and petty cash requirements.
2.1 Verify depository bank to ensure funds arrived. Pick up cash.
2.3 Verify new credit card accounts to use.
2.4 Verify new T&E card accounts to use.
4.1 Electricity, special reading.
4.2 Gas, special reading.
5.0 Personnel Issues
5.1 Verify payroll listing (w/titles)
5.2 Face to face discussion w/GM as to his/her status or plans.
5.3 Explain (again) changes in operating/acct. philosophy.
5.4 Employee meeting to explain impact of sale/purchase.
5.5 Complete ADP forms and new employee packets.
5.6 Orient employees about owners and operator.
5.7 Discuss uniform/shoe/name tag policies.
5.8 Discuss overtime/exemption policy.
5.9 Discuss scheduling policies.
5.10 Discuss hiring/raise/termination policy.
5.11 Discuss harassment policy and have employees sign notice.
5.12 Review personnel files for completeness.
5.13 Insure work time recording system is adequate.
6.0 Verify Inventories
6.2 Big Four
6.3 Forms and stationary
7.1 Verify that GM notes folios balances at closing.
8.1 Look at equipment manuals.
8.2 Verify equipment warranties.
9.0 Decide on continuing contracts and leases.
9.2 Cable TV
10.0 Franchisor Issues
10.1 Personally notify franchisor at closing.
10.2 Franchisor contractual requirements completed?
11.0 Insurance issues?
11.1 Employee bonds?
11.2 Claims forms and emergency instructions?
11.3 Training on emergency procedures?
11.4 Arrange insurance safety inspection.
12.0 Accounting issues:
12.2 Payroll training for GM.
12.3 Accounting training for GM?
12.4 Budgeting orientation conducted?
12.5 Budgeting process started?
12.6 Purchasing policies discussed?
12.7 Inventory and storage control discussed?
12.8 Cash management system explained?
12.9 Reporting procedures discussed?
13.0 Marketing issues
13.1 Press release issued?
13.2 Group booking reviewed?
13.3 Upcoming important local events
13.4 Marketing philosophy discussed?
13.5 Market planning orientation conducted?
13.6 Market planning process started?
13.7 Room and rate management discussed?
14.0 Maintenance issues
14.1 Room key coding system established, and tags removed?
14.2 Review key/master control policies
14.3 Discuss preventive maintenance (rooms/equipment)
14.4 Exterior/grounds maintenance crew
14.6 Get pest inspection certificate if required by sale.