Selling a business is more than getting your books up to date.
It’s so much more than cleaning and having the premises in tip top shape for inspections.
Of course, finding a buyer is your top priority. But, what happens when you find a buyer? Have you got a contract ready for them to sign?
Unlike residential conveyancing, you don’t NEED a contract before you advertise the sale of your business. A contract isn’t required until you have a buyer.
This is where things often fall apart.
Why? Because when you’ve found that buyer, you will want to get the contract signed ASAP!
As a start, your solicitor will need the following information:
– An up to date list of plant and equipment
– Copies of any licences or agreements
– A copy of a current lease
– A list of all employees and the dates they commenced employment
– Details of any registered business names.
The list goes on as each business will require different information.
Quite often, you won’t have this information at your fingertips and it will take time to obtain it. In the meantime, your solicitor can’t complete the contract.
Every day the purchaser is kept waiting for a contract there is a chance they will change their mind and not proceed with the purchase.
To save yourself the headache and delays, speak to your solicitor in the early stages when considering selling a business. You can then work with your solicitor to ensure all the required information is on hand and ready for when you find a buyer
Would you benefit from speaking to our team? Contact us.