Business Sale and Exit Solicitors
Whether you’re considering exiting or selling a business due to retirement, to seek a new venture, or simply because it’s a profitable time to sell, it’s important to be aware of all that’s involved as early as possible.
Our corporate and commercial solicitors have years of experience in buying and selling businesses of different sizes across many industries. We know how to help the process go as smoothly as possible whilst minimising any risks during the selling process.
Alternatively, you may be in business with a partner where one of you has decided to leave, be that in amicable or potentially contentious circumstances. Our commercial lawyers can advise you on your options and any legal and commercial issues that need to be considered. For an initial chat, call us on 0117 325 2929 or fill out our online form and we will be in touch.
How do I sell my business?
Selling a business is a significant transaction that requires careful planning and numerous regulatory, financial and legal considerations.
You want a transaction which goes smoothly and where there are no unpleasant surprises; instructing a solicitor who specialises in business sales early on can make all the difference.
You can save both time and money in the long run by planning early and preparing thoroughly. Our business sale solicitors can help you do that.
Key considerations when selling your business
Structuring your deal
To sell a business, you need to consider the best structure for your sale. For example, if you operate your business through a limited company, are you selling the shares in the company itself? Or will the company be selling the underlying assets? Are your employees or managers interested in becoming more involved in the business? Or do you have a trading partner who has expressed an interest in merging with you?
Each route has pros and cons and each has different legal and tax consequences. Our specialist lawyers can advise you on these, working with accountants and other experts where needed.
Due diligence
Your buyer’s solicitors will carry out due diligence on your business once the agreement in principle and heads of terms are signed.
The due diligence process provides transparency for both the buyer and seller. It identifies any potential liabilities, and issues with employees, customers/clients or suppliers, and provides information about financial performance.
Your buyer will want as much information as possible so it’s important for any relevant documents to be readily available. Confidentiality and data protection must also be maintained and sensitive information protected.
One or both parties may also want the protection of an exclusivity period so they can negotiate without worrying about other offers on the table. However, it is important that this is workable and covers a realistic timescale. During due diligence, the importance of ensuring your books and records are up-to-date and accessible cannot be understated. This includes making sure you’ve documented key relationships with customers and suppliers, and that all assets and contracts sit in the right place. You will also need to deal with any ‘skeletons in the closet’ that might be unattractive to a buyer.
Consultation and consent
One oversight that can delay a business sale is a lack of consent from shareholders, lenders or other stakeholders. And remember, in some cases, you will also need to consult employees.
Factoring these into your timetable at an early stage will help the process run smoothly and ensure you avoid expensive hold-ups.
Your property/premises
If you are selling your business, you may be leaving your commercial premises or a new landlord may be taking over. Our commercial property lawyers can advise you on preparing the property for sale and handle the legal aspects of the transaction. We can also help you with your lease and any service charges.
Director or partner exits
If you are a director or partner who wants to exit the business, our corporate and commercial solicitors can advise you on the documentation required, including shareholders’ agreements and partnership agreements.
If you are also an employee, we will work with our Employment team who can help with a settlement agreement and advise on any employment-related claims after your exit.
Our business sale expertise
Our business sale solicitors can advise you on your transaction. As part of our service, our commercial lawyers can help agree on heads of terms, guide you through the due diligence and provide strategic input on relations with your buyer. We can also advise on the legal documents, including the warranties you will have to give and disclosures against those to minimise your ongoing risk.
As commercial lawyers, we pride ourselves on being responsive and proactive. We help clients find solutions to issues that crop up along the way and play a hands-on role in making sure the deal gets done as quickly and efficiently as possible.
Our Corporate + Commercial team can also bring expertise from other specialists in the firm. This includes our Employment team for employee matters and our Commercial Property team, should the exit involve the sale of a building or land, or dealing with leasehold premises.
“I felt incredibly well looked after throughout the process and feel particularly grateful to my Accountant for recommending Barcan+Kirby; excellent find! It is also impressive that the buyer has commented on how good my advisers have been, which I imagine is quite an unusual endorsement. A formidable team!“
– Seller of a digital market research agency
Bespoke services tailored to your needs
Every situation is different. We understand that the service you want or need will vary depending on the type of business, the size of the deal and the level of risk involved. Our expert lawyers will discuss the appropriate approach for you at the outset, giving you options and ensuring that you get value for money.
Selling a business? Contact our corporate and commercial solicitors
If you’re thinking of exiting or selling your business, our solicitors can help. We work with clients across the UK, from our offices in Bristol and the surrounding area in Bedminster, Bishopston, Bristol city centre, Kingswood and Thornbury.
Get in touch by calling 0117 325 2929 or fill out our online enquiry form.