Selling A Business
Business & Commercial
Need expert help with business transactions or a contract for sale of business?
Selling a business is a significant milestone, often accompanied by a mix of emotions and complex legal considerations. Whether you’re capitalising on your investment or minimising losses, the process is far more intricate than a standard property sale.
At Burgess Thomson, our seasoned team of business sale lawyers specialises in navigating the complexities of business transactions. We provide expert legal guidance to ensure a smooth and successful sale of your business.
How Burgess Thomson Can Help with Selling a Business
Comprehensive Transaction Assistance
From the initial decision to sell through to the final handover, our team is here to guide you at every step. We understand the complexities of business sales and offer comprehensive assistance to ensure a smooth transaction.
Drafting and Reviewing Contracts
A crucial aspect of selling a business is the contract for the sale of the business. Our lawyers are skilled in drafting and reviewing these contracts, ensuring they accurately reflect the terms of the sale and protect your interests.
Identifying and Addressing Legal Pitfalls
Every business sale is unique, with its own set of challenges. We excel in identifying potential legal pitfalls and addressing them proactively, ensuring they don’t become obstacles to a successful sale.
Ensuring Compliance with Laws
Our expertise in business law ensures that your sale complies with all relevant laws and regulations. This compliance is critical to prevent any legal issues post-sale.
Meeting Critical Deadlines
In business transactions, timing is everything. We ensure that all deadlines are met, from due diligence to the closing of the sale, making the process as efficient as possible.
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Arrange a consultation with our Small Business Lawyers for sensible small business-focused legal advice.
Why Choose Burgess Thomson for Advice on Selling Your Business
- Experience in Business Sales: Our lawyers have extensive experience in handling business sales, offering you seasoned expertise.
- Personalised Approach: We understand that each business is unique. Our approach is tailored to meet the specific needs and goals of your business sale.
- Attention to Detail: Our meticulous attention to detail ensures that no aspect of the sale is overlooked, from financial considerations to transfer of ownership.
- Strategic Negotiation: We provide strategic negotiation support, aimed at achieving the best possible outcome in your sale.
- Risk Management: Our team is skilled in risk management, identifying and mitigating risks associated with selling your business.
- Comprehensive Legal Support: We offer complete legal support throughout the sale process, providing peace of mind and allowing you to focus on the future.
- Clear Communication: We believe in clear, transparent communication, keeping you informed and involved at every stage of the sale.
- Proven Track Record: Our firm has a proven track record of successful business sales, evidenced by our satisfied clients.
Selling your business is a complex and often daunting task. With Burgess Thomson, you have a partner who understands the intricacies of business transactions and is committed to ensuring your sale is handled with the utmost professionalism and care. Our goal is to make the process of selling your business as seamless and stress-free as possible, safeguarding your interests and maximising your returns.
For expert legal advice and support in selling your business, trust the experienced team at Burgess Thomson. We’re here to help you navigate the complexities of your business sale and achieve a successful outcome. Contact us today.
FAQ's
A Contract for the sale of business is an agreement between you to sell, and the purchaser to buy, your business for a set amount of money, subject to certain terms. This Contract contains two types of conditions, standard and special. Standard conditions are those included in every Contract for the sale of business. Following standard conditions are special conditions, which are those conditions added to the Contract by your lawyer to reflect your situation and protect your interests. Because everyone is in a different situation when selling their business these conditions have to reflect your specific circumstances. Having any and all agreements between the parties documented in the Contract can help to limit the possibility that a dispute will arise in the future.
Special conditions are the conditions included in a Contract by lawyers. Special conditions may be included to alter standard conditions or introduce new conditions tailored to the specific needs of the parties to the transaction. These conditions are commonly negotiated between the legal representatives and parties involves to reach an agreement suitable to both sides. Special conditions can be fairly general, such as allowing either party to rescind the Contract if one party dies or becomes mentally ill. They may also be specific to the business involved. For instance, a steelworks business may have certain conditions regarding the equipment being included in the sale. Conversely, a personal training business may have conditions regarding the businesses social media accounts being included in the sale. As no two business sales are exactly the same, negotiating special conditions provides a degree of flexibility to ensure your interests are protected and that all agreements are documented.
It is important to consider what will happen to your employees when the business is sold, as they have been a valuable part of the business. Generally, most if not all of the employees will continue working for the business under the new owners, however this decision is at the discretion of the purchaser. One notable consideration for you will be any accrued entitlements held by employees that will have to be honoured. Usually, the seller of a business is responsible for paying the purchaser the proportion of these entitlements accrued during their ownership. This is one cost that must be factored into any decision to sell a business.
