Buying or selling a business is one of the most important decisions you will ever make. It can also be a surprisingly complex and time-consuming task. That’s why it’s important to ensure you have an experienced team of professionals behind you from the earliest possible stage.
At Aristone Solicitors, we can provide the experienced, independent and straightforward legal advice you need to make a safe and informed decision. Whether planning ahead or in the midst of a complex business transaction, we’re standing by to take your call.
Contact Aristone Solicitors anytime for an obligation-free consultation.
Every business transaction is different and calls for tailored legal support. You may have decided to purchase shares in a company, or perhaps buy the assets of an established business outright. In both instances, we have the experience and expertise you need to ensure a smooth and simple transaction.
More importantly, we’ll make sure all unnecessary costs and complications are eliminated from the purchase process, saving you time and money along the way.
Though each business purchase process is unique, the basic structure of the transaction takes place as follows:
1. Initial Agreement
When setting up an initial agreement with the seller, it is important to ensure that all parties involved understand that it is a non-binding agreement. It is at this stage that you will formalise the price you are willing to pay for the business, along with how and when the agreed payment will be transferred. You may prefer to pay for the business in a lump sum or by way of instalments – all of which will be detailed in the initial agreement. The terms and conditions outlined in the initial agreement apply only when the final purchase agreement has been signed.
2. Due Diligence
Extensive analysis must be performed to ensure that the price you are paying for the business is an accurate reflection of its quality and value. This means taking assets, employees, contracts, financial performance and projections into account. Working with Aristone Solicitors, we’ll help verify the value of the investment you intend to make.
3. Purchase Agreement
Our expert legal team will carefully evaluate each and every term and condition set out in the purchase agreement, making sure it is fair, balanced and legally binding. The more complex the terms and conditions in the purchase agreement, the more difficult it becomes to know where you stand after signing the document. This is the most important document in a business purchase transaction and must be handled with extreme care.
The purchase process is complete when you release the payment to the seller, but this must not happen until you are 100% satisfied with all aspects of the transaction. Should you encounter any issues or have any concerns about the proposed purchase at any time, we’ll ensure you understand your obligations and entitlements.
Whether ready to go ahead with a business purchase or simply considering an investment, we’re standing by to take your call. Contact a member of the team at Aristone Solicitors anytime to book your obligation-free initial consultation.
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