Legal Advice for Selling A Business
When you make the decision to sell a business in which you have invested significant time and capital you want the process done right. You want to secure an optimal sale price and you want minimal future complications.
Berryman Partners understands this. We provide a personal service tailored to your commercial goals. We take care of the entire sale process and ensure that it runs smoothly to reduce your concerns.
There are many issues that you should consider if you have decided to sell your business and Berryman Partners is here to assist at every step of the process.
Valuation of your business
Deciding how much your business is worth is one of the first decisions you need to make. There are a number of methods by which a business can be valued. Aside from the business’ assets and liabilities, you will need to consider the goodwill of the business and its future earning capacity.
Negotiating the Contract for Sale
As your solicitor we will prepare the Contract for Sale of Business. This document contains the terms of the sale as well as details of your business equipment and assets. We will negotiate with the purchaser to secure optimal terms of sale. We understand that you know your business better than anyone else and we will listen to you to ensure that your interests are protected. We will explain the contract to you so that you feel comfortable that you have secured your desired outcome.
Another issue you will need to consider is how you intend to transfer the rights to the business premises. There are many options available to you.
- If you are the owner of the premises you may wish to execute a lease agreement with the purchaser or grant the purchaser a licence to occupy. Instead you may wish to sell the premises with the business.
- If you lease the premises then you may need to negotiate with the lessor to obtain their consent to assign the lease to your purchaser or execute a sublease.
Berryman Partners can assist you in any of the above transactions. As always we strive to obtain the outcome that best suits you and your future intentions.
Selling a business gives rise to various other matters which require your consideration and which can have serious implications. Berryman Partners aims to provide a complete service and, as always, we are available to advise and assist you in the decisions which you have to make.
Here are some questions that any prospective vendor should ask themself:
- What sort of tax liability will you be exposed to?
- Are there any trade secrets or confidential information associated with your business that you may need to protect?