Buying And Selling Small Businesses
Deciding To Sell Your Business Is A Huge Decision – So Is Buying One; Let Us Help With Practical And Commercial Advice
When buying or selling a business there is so much more than bricks and mortar to consider. Once the business has changed hands, it needs to retain the true value: its reputation, history and complete capabilities as it changes hands.
Carefully managing these aspects, as well as the staff and business relationships, will take a lot of time and effort on your part before you’ve even considered the legal challenges in this process.
Getting A Realistic Picture
Once a purchase offer is made on a business the process of due diligence begins. This is where you are given access to its books and records. This will provide you with a realistic picture of how the business is performing and expectations for future performance.
This process will also draw your attention to any other issues, but traditionally there are three areas we will advise you on:
Commercial – where the business is in the marketplace and how it compares with its competitors
Financial – are all the accounts in order? Are their some irregularities? We work to resolve these issues
Legal – does the business hold ownership of all assets? Have regulatory and litigation issues been addressed fully? Again we will work to resolve these issues prior to any sale completing.
Undertaking careful and considered due diligence is imperative for a successful and smooth transaction. This will also protect your assets and interests should any part of the sale not be completely satisfactory.