Sell your Business

7. Legal and financial guidance

Every business sale involves several firms of solicitors. You will need to ensure you have expert legal advice as early in the proceedings as is possible. You will need to prove you have the right to run a business from your premises, therefore planning permission and legal covenants are relevant and if it is a leasehold premises, there is the added complication of lease clauses and the landlords permission to transfer the lease. You will also need to prove you own and can sell the goodwill of the business and you may have to agree not to set up in competition with the new owner.

There are also the issues of stock value and value of monies owed to the business.

Staff issues are also relevant as a new purchaser taking over current staff has a responsibility to any rights they have for example, redundancy payments.

These procedures take time and you may feel that the buyer’s solicitors are using delaying tactics or being awkward when in fact it is just part of the process of the proceedings.

We can refer you to firms of solicitors with which we have had successful dealings with over the years.

If you are interested in selling your business, click here to contact us and one of our advisors will contact you within one working day to discuss the potential sale of your business.