Buying and selling a business is a complex matter and there are many things that can go wrong, potentially costing you a great deal of time and money – which is why it’s so important to speak to your solicitor before going ahead with a sale.
“The business environment is forever changing and it’s critical you’re aware of the current situation before you sell a business,” comments Robin Burman of HLF Berry LLP.
“A solicitor will guide you through all you need to consider in a business sale transaction, will help you to negotiate the terms, protect your interests, and ensure everything goes through smoothly and in line with your wishes.”
Four Tips For Selling A Business
The written agreement of your business sale must reflect exactly what you want to sell, to ensure a worthy investment and protect yourself from any future liabilities.
As a guide, these 4 factors are crucial when it comes to selling a business:
The timing of your business sale is vital as it should allow you to be most tax efficient and to structure your company in the most beneficial way for you.
Carry out a full review of your business before you sell it as this will allow you to identify any problems with the company and to fix them before a potential buyer spots them and uses them against you.
When you sell a business, you reveal the innermost workings of the company. Before giving any information to your potential buyer, make sure they sign a confidentiality or non-disclosure agreement that means the buyer won’t use or disclose the sensitive details of your business.
Even before you begin your negotiations, seek advice from a legal professional on your business sale to find out the best way to sell and all the options open to you so you can make the most of your business.
For specialist and tailored advice regarding the sale of your business, please contact our commercial solicitors at our Chorlton office on 0161 860 7123 or at our Failsworth office on 0161 681 4005 or email email@example.com