We explain what the major documents are in the legal process of buying a business. Warranties, limitations and disclosure letter One of the main sections of the sale agreement deals with the warranties and indemnities. These are detailed statements by the seller about…
In the latest of our series of briefings about how to buy a business, we set out what happens after completion. Handover period The handover period immediately after completion is a crucial phase. You will need to focus on retaining existing customers,…
The share/business purchase agreement is the most important document in the transaction, and most of your solicitors’ time will be spent in preparing and negotiating it. It will set out the key commercial terms which have been agreed between the parties, including: Conditions If…
We explain the due diligence process in our series of briefings about how to buy a business. Due diligence Once the parties have agreed the principal terms, you will begin investigating the target business. This process is called ‘due diligence’ and falls…
We explain the legal process in our series of briefings about how to buy a business. Heads of agreement Once the parties have agreed a deal in principle, they will often draw up heads of agreement (also known as heads of terms, an…
In this article, we explain how you get started on the road to buying a business. Finding a business The first step is to find a business to acquire. Often, the business will be one which the buyer has already dealt with. For…
Assuming the target business is operated through a company, there are two ways for you to acquire it: by buying the shares in the company from its shareholders, or by buying the assets of the business from the company. There are several differences…
This is the first in a series of articles about the legal process involved in buying a business. It is written from the perspective of the buyer. If, rather than buying, you are looking to sell your business, then please…
A well-drafted partnership agreement is essential to establish a clear framework for the running of the practice and the relationship between the partners. Preparing the agreement can be complex and time-consuming but getting it wrong (or, worse still, no agreement…
