If you are considering the sale or purchase of a business e.g. sole trader, partnership or LLP, or particular assets from either a company or an unincorporated entity, we can advise you on the process and mechanics of such a transaction. We act for both sellers and purchasers and understand the key concerns from both perspectives.
Critical issues when buying and selling business assets
The critical issues on which our clients require advice include:
- Negotiation of heads of terms which can include exclusivity and confidentiality provisions
- Due diligence on the assets being acquired
- Investigation of title to property
- Responsibility for liabilities
- Transfer of employees
- Transfer of contracts with customers and suppliers
- Collection of book debts
- Warranties and indemnities
- Disclosure
- Trading restrictions on the seller
We have found that particular areas of concern for a seller include the scope of the due diligence process, future liabilities, warranties and restrictions on their future business activity.
In our experience purchasers find our advice particularly valuable in relation to the investigation of the assets and any potential liabilities, the process for the transfer of employees and contracts and the close working relationship with our client’s financial advisors.
