BUYING OR SELLING A BUSINESS
What do I need to consider before buying or selling a business?
Consulting with an experienced solicitor is one of the most important things that you will need to do before starting the process of buying or selling a business. Your solicitor will be instrumental in making sure you know full details of what you are buying or selling and that you and your investment are fully protected.
Every business sale and purchase is unique and so it is essential that you get good legal advice early on in the process to make sure you go into any deal fully informed and prepared.
Some of the things you will need to consider when buying or selling a business are:
- The value of the business
- The timing of the sale/purchase
- Whether you are dealing with a share sale or asset sale
- What will happen to existing employees
- Are you also buying/selling property
- What will be included in the contract
How long will it take to sell my business?
This very much depends on the complexities involved in the sale and purchase of the business. Once the main terms of the sale/purchase have been agreed, you can expect the transaction to take between 4-6 weeks, but if there are other parties involved, for example a bank or landlord of premises, it may take slightly longer.
What costs will be involved in buying or selling a business?
As well as the cost of the actual business to the purchaser, both parties will also need to pay legal fees and third party costs such as landlords' fees, surveys, local authority searches, VAT, insurance and other costs that are specific to the type of business being purchased (for example, intellectual property transfers)
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