Why use The Law Superstore to find lawyers for your business purchase?
- Expert solicitors across the country
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- Instantly compare quotes from up to 4 solicitors
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I was able to identify a local solicitor to where my case was being heard and in the process of preparing a case for court.
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I had a number of very quick responses & I am using one of them for my POA.
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Quick to respond with clear explanation of the law in a layman’s language.cheaper fees for extra services like planning permissions etc.
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Efficient website, immediate response, instructions issued same day.
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You offered a number of solicitors that all responded to emails or a phone call. So very pleased.
How to purchase a business
As the purchaser, you’ll first need to make sure that you’re certain of your decision to buy the business. Once the choice is made, you’ll need to reach out to a legal expert who will support you through the process. Your solicitor can draft and review contracts like the sale and purchase agreement. They’ll protect your interests and ensure that everything is legally compliant.
Your solicitor can also support you in the negotiations by providing expert insight and guidance so that you as the buyer can get the best deal available to you when purchasing the business. They’ll also be able to offer their advice on the agreement and mitigate any risks to ensure your purchase is protected.
Once the exchange is complete, you will inherit the business’ assets, such as its possessions, investments, employees, and the property.
A solicitor’s expertise will a guide throughout the process, protecting you from any complications and allowing for a smoother purchase.
Purchasing a business
If you’re interested in purchasing a business, you’ll need to seek professional advice to guide you through the negotiation, valuation and purchase process. You will also need to arrange your finance with a lender. They’ll want you to detail the business’ particulars, their accounts for the last few years, financial projections, and information regarding your own personal assets and liabilities.
Selling a business
If you are selling your business, you'll also need an expert solicitor to guide you through the process, and ensure the transfer is legal. Your solicitor will check all agreements and paperwork and guide you on whether the deal is solid. For more information on what to consider when selling your business, and what you should ask a solicitor, we suggest looking at our selling a business guides.
Frequently asked questions
What is the purchase of a business?
The purchase of a business is the act of buying or acquiring a business with the intention of continuing its commercial operations. It could be that you’re a sole trader buying a business from another sole trader, you’re in a partnership buying a business from another partnership or sole trader, or your company could be purchasing another business. Whether you’re buying as an individual or on behalf of a company, legal expertise is a must.
How long does it take to buy a business?
The length of time it takes to buy a business can vary depending on the situation. Variables can include the landlords or investors involved and must be considered when calculating the purchase period. It’s best to allow for 4-6 weeks between the start and completion of the process.
How do you value a business?
To value a business prior to purchase is extremely important so that you don’t overpay and are aware of exactly what you’re getting in the deal. You will need to acquire a tally of the assets of the business, subtracting any debts or liabilities. A financial advisor is a key member of the team here, and can advise on the value of different assets.
Your solicitor will also be able to guide you through the valuation before you purchase the business, highlighting any concerns, or any points where you need to ask more questions.
Do I need a solicitor to buy a small business?
Whether the business you’re buying is large or small, it is vital that you have a solicitor at your side throughout the process to ensure the exchange is valued correctly, that the purchase agreement meets both party’s desires, and that the purchase is done as smoothly as possible. Buying a business is a huge legal undertaking, it could potentially have many jobs at stake as well as your own capital. An experienced business lawyer can help you feel confident in your purchase.
How do I choose a great solicitor when buying a business?
It's one of the most important legal processes you'll go through - you want to feel confident that you've got an expert on your side. We recommend checking their experience in business purchases, and asking for examples. You'll also want to check reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect. Talk through your expectations - do you need someone who is always available, or are you happy for them to only feedback if there's a development? Have a look at our guide on choosing a solicitor.
