Keep documented supplier and vendor agreements (terms on file)

Stable supplier and vendor relationships are part of what a buyer is purchasing. Reliable, documented vendor relationships — not handshake deals in your head — keep the business running smoothly through a transition.

Do this

1. Document your key suppliers, terms, and contacts.
2. Put important arrangements in writing, not just verbal.
3. Maintain backups for critical materials.
4. Make sure relationships transfer to the business, not just you.

Supplier Relationship Checklist

• Key suppliers documented with terms and contacts
• Important arrangements in writing
• Backup suppliers for critical inputs
• Accounts in the business name, not personal
• Relationships transferable to a new owner