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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Peter qualified with his LLB degree from the University of Liverpool in 1973 and then started working at Jobling & Knape (now JWK Solicitors) in 1974 as an Articled Clerk.... Read more
Clare started work at JWK Solicitors in 2004, after completing her LLB at Oxford Brookes University and her LPC at Nottingham Law School. She works within the Commercial... Read more
Maria has worked at JWK Solicitors, and previously Jobling & Knape, since 1981 when she was first employed as a Legal Secretary. In 1993 Maria qualified as a Chartered Legal... Read more
Elaine works within the Commercial Department at JWK Solicitors and is a Graduate of the Institute of Legal Executives. Elaine gained her G.Inst.L.Ex qualification in 2011... Read more
Emma Snell qualified as a Solicitor in 2008, graduating from the University of Sheffield with a BA (Hons) in Law and Spanish before going on to complete her Legal Practice... Read more
David qualified as a Solicitor in1978. He is an ex LRGS student and attended Liverpool University to complete his Law degree. David is a former governor of LRGS and Lancaster and... Read more
The figures, released by the government, cover the period up to 31 March this year.