Selling a Business
Selling a business is a significant event and it may only happen on one occasion during your business journey. Therefore the legal process can seem daunting, even to the most experienced business person.
At Attwells, our commercial lawyers specialise in supporting SMEs. Our team of lawyers will guide you through the process, meeting any time-critical dates and explaining the legal jargon. In addition, we will negotiate the best possible terms.
Selling a Business
When you are selling a business the terms and conditions of the sale very much depend on the nature of the business you are selling. For example, aspects such as risk and purchase price will greatly differ depending on the type of business you are selling. By instructing Attwells Solicitors, you are ensuring your sale is carried out by an experienced commercial lawyer who will guide you through the process. You will be advised on the terms of the purchase agreement, how to deal with the requests for information on your business and company, and the mechanics of completion.
You’ll have one point of contact, a lawyer who explains the legal jargon and you’ll pay a fixed fee.
What you can expect when instructing Attwells Solicitors
What should I consider when selling a company?
Firstly you will need to prepare your business for being sold. For example understanding and researching its possible value, to ensure you achieve the best possible price. Therefore you should consider the finances of your business. When selling a business a buyer will require records of your business trading history, business accounts for example. But also forecasts for potential earnings over a period of time.
Consequently, you should consider the business’s current and potential market share, external factors and trends, and brand value. This can be done by reviewing your marketing strategy.
Equally demonstrating internal processes such as contracts, policies, and HR matters are up to date will offer your buyer confidence.
Lastly, you should consider the value of your IT infrastructure and internal processes. This could include the value of the data you hold or a database. It could also include the value of any machinery or IT equipment.
Reviewing Head of Terms when selling a business
A lot of our clients have found our input at the time of agreeing on terms with the other party useful and helping to produce the Heads of Terms which sets out the terms of the deal between the parties. By getting Attwells business lawyers involved at this early stage we can share our business as well as legal experience and get you the best terms and save time on the process by identifying the key issues. If you would like our support at this earlier stage of negotiating the best deal for you get in touch with us and we can chat this through and provide you with a fixed fee for this work.
Employment Law requirements when selling a business
As a business is a personal asset. When you sell a business the legal status of the business changes. Therefore your employees are no longer employed by the same employer. As a result, TUPE is required. A TUPE which stands for Transfer of Undertakings, Protection of Employment is a government requirement to protect your employees.
Typically there are four stages to TUPE. Firstly to provide HR and employee liability information to the purchaser. Secondly to meet with the transferring employees. Thirdly, you need to identify any contractual benefits, and lastly, you will need to write to transferring employees.
Our employment legal team can support you with TUPE alongside selling your business. They can provide a fixed fee service and offer you template letters and even assist with the meetings.
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