After identifying a business which you would like to purchase and confirming that the owner is willing to sell, the first step would be to seek to legal and accountancy advice. Forbes Solicitors can guide you through the legal process of buying a business.
The next step will be to commence the negotiating process with the sellers to settle upon the main points of the deal, including the price. Once these have been decided you should draw up some Heads of Terms that will form the backbone of the purchase agreement. These Heads of Terms should be non-legally binding as the purchase of the business will be dependent upon the outcome of due diligence enquiries, which are undertaken to identify the legal and economic risks in a business.
It is important to clarify exactly what it is you are buying. Are you buying some or all of the shares in a company? Or are you buying the assets of the business including the property, business and goodwill or only part of the assets of the business? This is important as come completion of the purchase you want to be sure that what you have purchased is what you were expecting to purchase. For example, in an asset sale employees may have been transferred over for which you will then become responsible. The nature of what exactly you have bought will also have various tax consequences.
06 Dec 2017
Leading law firm Forbes Solicitors has enhanced its work in the pensions sector
Very thorough and precise with each contract and have made it very easy for us to feel very confident going into new territories, whether it being a different country or a different manufacturer.
Forbes was instrumental in ensuring Electric Coffee Co is able to meet its growth ambitions.
Electric Coffee Co
It is always a pleasure to deal with true professionals and specialists in their area and this is what you can expect when dealing with Forbes and, in our case, specifically Nick and Gemma.
Gareth & Janet Watson
The team not only provides professional and practical advice, but also takes a personal interest to understand the business and the matter at hand.
Leonard Curtis Business Solutions Group
The advice and service that we receive from Pauline and her colleagues is consistently professional, knowledgeable and efficient. They have a great ethos and are a pleasure to work with.
Focus Insolvency Group
What a pleasure to do business with Forbes - Pauline Rigby & Nick Pickup both understood my personal objectives and requirements
Former Business Owner
I would like to thank Jayne and the Business Law team for being so friendly, professional and patient throughout the sale.
We have been very happy with the professional service from Pauline Rigby and her colleagues in the Business Law team and the ease of purchasing our new business
Andrew M Jones
Internet Trading Ltd
I and the UCLan team wanted to acknowledge the support from your team, including Nick Pickup and Pauline Rigby. Their contribution has been much appreciated by both clients and our staff.
Head of Innovation and Enterprise
Sincere thanks for all the time, patience and professionalism from Pauline and Tricia in the completion of MAP12 contract terms and conditions.
Jayne & Anthony Mellor
It's a One Stop Shop as a legal entity, whatever problem we've got you've got someone to come and advise us or fix it
The Northcote Group
We have always found Forbes to be approachable and helpful and we look forward to a continuing professional relationship
Child Action Northwest
I have been extremely pleased with the legal team at Forbes and all their help
South Lakes Veterinary Centre
The team at Forbes have been professional, thorough, friendly and efficient from day one through to completion. We will certainly be using them again as we look to move our business forward.
S & L Wilson