Business Sale: When Should You Start Planning? Part 3
In this third and final installment of this series of articles, we look at the help you will need during a business sale.
You don’t have to use any professionals at all. You could do the legal, accounting, due diligence, TUPE and everything else yourself. Indeed, a lot of people have tried this already.
But by using professionals you get the best experience you can pay for, the deal concludes much more quickly and you are still able to focus on running the business in the meantime.
Business Sale? Which Professionals Do You Will Need?
In no particular order, we will start with the legal representation you need. Choose a COMMERCIAL SOLICITOR used to dealing with business sales. The hourly rate may be higher, but you will save money in the long term by completing on complicated aspects much more quickly.
Your ACCOUNTANT should also be capable of producing completion accounts to a commercial standard at short notice. You may find your completion funds are penalised if they don’t. Ensure your accountant is up to the task and don’t be afraid to move to one who is at this critical time.
TUPE experts exist for a reason. If staff are involved you need to follow procedures correctly to ensure both vendor and buyer are protected from possible lawsuits later on.
ASBESTOS & LEGIONELLA reports are becoming requested more and more as part of the searches undertaken before completion. Get ahead of the game and get yours in place where there is a legal requirement to do so.
In our 3 posts we have taken bite-sized looks at the things any business owner needs to consider when planning to put a business onto the open market for sale. You can read the previous two posts by clicking on the links below;
- Part 2, on the technicalities of a business sale
- Part 3, on the professional you made need during the process
If you would like to talk through any of these aspects, please contact Uscita Solutions.