RECORDS MANAGEMENT

Business records are at the heart of just about everything an organization does. They are valuable assets with a life cycle, and organizations have a duty to manage them effectively. Efficient and effective records management demands a systematic process for identifying, collecting, preserving, using, and disposing of records. And it requires the careful attention of one or more humans who will administer this vital corporate housekeeping task.

Records Retention

Business records are used in a variety of ways – to document an organization’s existence and critical business processes, confirm commitments to customers, employees and suppliers, capture business transactions, and maintain business continuity. Regardless of their purpose or the form they take (paper, electronic or digital), it is critical that business records be effectively and efficiently managed. On Point’s policies and procedures guide organizations in their records retention efforts and On Point’s people supply the elbow grease to help ensure these efforts stay on track.

Succession Planning and Exit Planning

There are many facets of an exit plan or succession plan. If the plan involves the sale of the business, it is critical that the business records be in order before going to market. Incomplete, missing, and disorganized records may sour a potential buyer’s interest in the business. Responsible business housekeeping will help maximize the value of the business in an exit and provide business continuity through succession to a future generation or team of owners.

Pre-Sale Due Diligence

Selling a business at the highest possible price requires advance planning. Potential buyers expect business records to be complete, organized, and readily accessible during due diligence. Meeting this expectation is time-consuming and requires substantial effort and attention to detail from selling business owners. Failing to meet this expectation may negatively impact the buyer’s perceived value of the business, or even be a deal-killer. On Point assists business owners and their management teams in their own “pre-sale” due diligence exercise before their businesses go on the market, in an effort to maximize business value, minimize fatigue and frustration during the buyer’s due diligence process, and provide peace of mind.

Data Room

A virtual data room is an accessible, organized, and secure tool for making business records available to a buyer in a potential sale or a company and for archiving business records as part of a company’s day-to-day business operations. On Point’s virtual data room is an affordable and efficient alternative to storing volumes of business records in a file room or in multiple file cabinets that take up valuable real estate, that may not be secure, and that can’t be accessed remotely. Once the business house is in order, it needs to be maintained on a regular and consistent basis. On Point will take the lead in the ongoing management, updating and storage of critical business documents in the way that is best-suited for your business.

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