Using an experienced solicitor not only helps to ensure that the sale of a business goes as smoothly as possible, but they can help to limit problems, ensure you get the optimal price, and also help ensure that the sale completes as quickly as possible so that you can realise the funds from the sale sooner.
There are many stages to selling a business, and a solicitor can help you to achieve many of them. Even before the business is put up for sale, you should consider restructuring. Some elements of your business may reduce its overall value, and if you are not selling up completely, there may be some elements that you wish to keep and not to transfer to new owners. It is important that the business is structured properly before potential buyers are sought, because this will help ensure that buyers are genuinely interested in what you are offering.
Many buyers will require that an exclusivity agreement or confidentiality agreement be put in place. An exclusivity agreement means that the potential buyer will, for a period of time, have the right to consider a purchase without other buyers becoming involved. A confidentiality agreement means that you will not be permitted to discuss the sale or the terms of the proposed sale with any other party. Your solicitor can check that the terms are not unfair or overly-restrictive and help ensure that you meet the letter of the agreement.
Your solicitor should always review the heads of terms, which are the basic proposed terms of sale, from the very beginning. Once the sale is under way it can be much more difficult to change the heads of terms, and it could end up costing you money or even costing you the sale.
Although most often associated with buying a business or property, due diligence is an important step for the seller too, and is another area where the use of a business solicitor can minimise risk and potentially maximise revenue from the sale. Your solicitor should protect your interests while ensuring that you get the best deal and the best terms for you.
What To Do Now?
No matter what your legal problem or at what stage it is, there is never a better time to call Haworth & Lees Solicitors than right now.
Our team of dedicated and highly professional Solicitors are always available for you. You will not have to deal with a paralegal or a legal case worker as your point of contact will be with a qualified and experienced Solicitor who will know the details and progress of your case.
Haworth & Lees Solicitors are a well established and highly respected firm of Solicitors in Tameside and Cheshire and offer that personal and local service that is always appreciated by our clients.
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