Nobody likes paying large legal bills but not getting the right legal support can cost you a lot more cash and time in the long run.
Getting advice and your approach clear from the outset saves time later and gives you the best chance to get the deal you want.
Discussing a possible sale with your legal adviser is an important first step and many business owners put this off to their cost:
- You can ensure you protect your business before releasing information to a potential buyer.
- If a Business Agent is helping you to find a buyer, their terms of business can be checked and you can ensure that you fully understand the payment terms and avoid unpleasant surprises later.
- You can discuss and be prepared for the pre-contract enquiries (‘due diligence’) you will almost certainly receive from the buyer’s solicitor. These enquiries can be extensive and very time consuming to answer. Preparation is the key in ensuring that the information is available quickly.
- You can receive advice before signing Heads of Terms. This document outlines the main terms of the deal and, although not legally binding, it can be difficult to renegotiate Heads after they are signed.
Clare Sheerin, Legal Consultant,
Bradbury Sheerin Associates
Experts in Legal and & HR support to businesses