Buying a business UK
Business acquisition experts
Our team has years of experience assisting business acquisition and Entrepreneurs. Whether purchasing your first high-street shop or acquiring an existing business to expand your commercial base, we understand the goal is to get the deal done, often within a tight timescale.
What are the key problem areas to navigate around when buying a business?
We can produce the sale documentation for you or review documentation prepared by the seller. Usually the buyer is in a stronger position if it controls the documentation and produces the first draft. What goes into the sale documentation depends very much on the nature of the acquisition, appetite for risk and purchase price. Using our experience we guide on what is reasonable.
Before you get to legal agreement stage, a well planned transaction will start with heads of terms setting out the basics and confidentiality requirements. This can be a short concise document but it is important and it sets the agenda and timescales. We will help you to include everything you will need.
The buyer may want some but not all of the business. Under an asset purchase agreement the buyer takes the assets and liabilities it wants and leaves behind parts of the trade not required.
How much will it cost to buy or sell a business?
We’ll give you a fixed estimate and we’ll never exceed it without your prior consent. We’ll provide regular updates on legal fees and, if your transaction goes particularly smoothly and less time is spent on it than we initially envisaged, your bill will be correspondingly lower. We can also offer you ‘conditional fee’ arrangements, i.e. if your deal falls through you pay either less or nothing. Most business sales are completed within 6 to 8 weeks, although outside factors often dictate timescales. We encourage you to contact us at the earliest opportunity if you are thinking of selling because it’s important we get to know your business so we can effectively prepare your business for sale, help negotiate terms and explore tax planning opportunities, ultimately saving you time and costs.
\We need the usual proof of ID, accounts, statutory books and so forth, but the most important thing is that you let us know your aspirations for you and your business: tell us why you are selling or buying, your plans for life, retirement, expansion. Starting, buying and selling a business are life-changing events. We are here to listen to your ideas and the more we know, the more we can help you to make them a reality.