Buying
From a legal perspective, when purchasing a business the deal will either be for the purchase of the business or the company that operates the business (a share purchase). Your solicitor will: advise you on the legal due diligence you should undertake before committing to the purchase; confirm the property ownership arrangements, e.g. leasehold or freehold; and deal with your bank’s or investor’s lending requirements to enable you to obtain the funds for the purchase. Solicitors with expertise in transactional work will ensure that the right questions are asked about the business and an appropriate contract negotiated to give you comfort that, from a legal perspective, the business is a sound purchase and includes all that you expect.

Selling
When selling a business, preparation is key. Pre-planning allows owners to capitalise on their hard work and ensure the best value is obtained for the business or shares.  Your solicitor will: guide you through any restructure needed to get the business in line for sale; advise you of the best preparation to get your business in order to maximise value (business value will be boosted by efficient operations, with up to date documents and policies that are effective for contracting with staff and customers); guide you on employment law issues arising from the transaction;  negotiate a suitable contract that ensures you only give appropriate warranties and limit future liability in relation to them; and assist you (along with your accountant) with tax and investment planning – as these considerations could affect decisions you make about your exit process and should be part of the planning stage.     

Tracey Dickens
01206 217326
tracey.dickens@birkettlong.co.uk