If you are thinking of selling your business, you should at the onset ensure you have a legal person in your corner.
Why do I need help?
When selling a business there are a number of legal and tax implications you need to take into account so having an expert in your corner will not only follow the legal process but you also adhere to your responsibilities as an employer.
When selling my business who should I inform?
At the appropriate time there are several things to be done such as inform Companies House of the changes, you might want or need to appoint a new director for the business, notify your shareholders of what is happening and last but definitely not least notify your staff.
You have a responsibility to do all the above once you are ready to sell your company.
How long will this process take?
The appointed solicitor will give you a good indication of the process and timelines. They will assist you step by step and handle the paperwork necessary to hand over the business to the buyer.
How to choose a solicitor?
When appointing an expert in this field it is always advisable to find a solicitor that has experience in this sort of work.
For me this is not done necessarily by size, location, cost or reputation but rather by experience. If a broker has assisted you in this transaction ask them to recommend someone to assist you.
When giving recommendations we always advise solicitors we have used before that have very strong communication and people skills. During due diligence there will be a lot of terminology used that can be difficult to understand, so having a legal person in your corner that you can talk to about any concerns you have and can also clearly explain and breakdown anything you are unsure of makes the world of difference in our experience.
What should this cost me?
The cost will depend on the size of the business and the amount of work the solicitor must do and will vary from one solicitor to another.