Call us01689 822554

Buying or Selling a Business

Buying a Business

Buying a business rather than starting one from scratch can make good business sense provided you remember you are taking on the legacy of the previous owner.

It is essential that you are aware of every aspect of the business before buying it.

The advantages include:
  • The business is already up and running
  • It may be easier to obtain finance as it has a proven track record
  • You will have established customers and contacts
  • You may inherit experienced employees
The disadvantages include:
  • If the business has been neglected you may need to invest above the purchase price
  • You may need a large amount of working capital to assist with the cash flow
  • You may need to honour or renegotiate existing contracts
  • Current staff may be unhappy with the takeover and leave or have low morale
Due Diligence

Having researched the business and when you are happy that you have both the capital and the  ability to make a success of the venture, an offer can be made to the seller; if accepted, a period of time is then allowed for you to access the books and records.

This is known as Due Diligence. The purpose of it is to give you a realistic picture of how the   business is performing currently and its expectations for the future.

It should also bring to your attention any other issues of concern.

There are traditionally three areas that you should take advice on:

  • Commercial Due Diligence – where the business sits in the marketplace, checking competitors etc.
  • Financial Due Diligence – checking all the accounts to ensure there are no irregularities.
  • Legal Due diligence – as part of the sale and purchase contract, the lawyers can check that the business has a legal title to sell, has ownership of all the assets, and that regulatory and litigation issues are fully addressed.

Thomas Dunton has a team of highly experienced lawyers who will be able to assist you in all aspects of Legal Due Diligence.

Selling a Business

Deciding to sell or close down a business can be a difficult decision to make.

Apart from the physical selling of the property, there are many other factors to take into consideration which the highly experienced Business Team at Thomas Dunton can advise you on.

Your tax and all other accounts and paperwork should be up to date so that the buyer’s solicitor and accountant can carry out their Due Diligence checks.

In addition there will be many other issues to cover depending on the type and nature of your business.

These will include:
  • Are you leaving or winding down a partnership?
  • Are you selling or closing a limited company?
  • What are your responsibilities as an employer?
  • Is your business registered for VAT?
  • Are you self employed?

Thomas Dunton has a team of highly experienced lawyers who will be able to assist you in all aspects of the sale of your business.

Contact us at 01689 822554 or email business@thomasdunton.co.uk

Business Services

Enquiry now

  1. required
  2. required
  3. required
  4. required
  5. Please confirm you have read and understood the Terms of Use and Privacy Policy.
 

What our clients say about us:

  • “We have both been impressed with Catherine’s diligent and thorough conveyancing, highlighting issues with the property that had been missed during the previous sale, so we are both very happy with our choice of solicitors!

    We’d be delighted to use Thomas Dunton again.”

  • “Catherine Westcott truly helped us beyond her duty and was always there for us, going that extra mile made all the difference”.

  • “All very satisfactory, efficient and approachable. We now look upon Thomas Dunton as our solicitors”.

  • “Extremely satisfied with the service that you have provided. We will be recommending Thomas Dunton to our family and friends”. 

  • “Great patience and great deal of thought to ensure our Will achieved our complicated requirements. Thank you”.

  • “I found the staff I dealt with professional, practical and patient…helping to clarify matters and enabling me to take better informed decisions”.

  • “Wonderful and understanding of my circumstances. Guided me through the process and presented all the options in a way that I could understand”.

  • “Thank you for all your hard work. You have been amazing. I will forever be thankful that you were my solicitor”.

  • “The service was exceptional —  friendly, welcoming and sympathetic. I do not think that I could have received a better service anywhere else“.

  • “No words to express my gratitude to your amazing work and patience”.

  • “Thank you very much for the courtesy, care and efficiency which we have received from you and everyone we have dealt with at Thomas Dunton.  We made a good choice when deciding to go with yourselves!”.

  • “Thank you so much for all your help for my family and I.  I am so very  grateful.  You’re  my little Christmas angels”

  • “What you all do for people is amazing. You should all be proud of yourselves for putting a little bit of light back in my life and I’m most certain that of others”

  • “The firm give their clients very detailed and clear advice in plain English.”

  • “Extremely friendly, did not feel that anything was too much trouble”.

  • “I received a very prompt, professional and caring service from you at a very sad and distressing time”.

     

  • Dear Lisa, Maria and Tessa,

    Thank you all for your amazing support throughout last year. It really was a hideous experience, but every time I got to the point I couldn’t breathe and I spoke to one of you, I felt instantly strong again. You really are a fabulous team.

    When Margaret left, I was really worried, but Maria you picked up the baton and ran with it brilliantly. Then when Maria you obviously had to put your own family first, Tessa picked up the baton and just kept running for me. Lisa you made me giggle and reassured me whenever I was about to cry or hide in a cupboard, often picking up the phone to check I was ok – so very kind. Crackerjack will now forever remind me of you!

    I will recommend you to any of my friends who decide they need to take this brave step. You are simply the best. I hope you all enjoy your acorns, and remind you of how much you’ve helped people like me get out of unhappy situations. As they say, from acorns mighty oaks grow.

    Many thanks to you all,

    I kind of miss you!!

  • “Vernon Hadida is by far the best solicitor I have ever dealt with.”

  • “Extremely satisfied with the service which I considered excellent value for money.”

  • “I was very happy with the service. I was always able to speak to somebody that could help me when I telephoned.”

  • “Thank you for all your work on my claim. I am extremely grateful for your assistance.”

  • “Thomas Dunton exceeded my expectations in terms of both service quality and value for money.”