SHOULD I USE A LAWYER TO BUY A BUSINESS?

SHOULD I USE A LAWYER TO BUY A BUSINESS?

Yes you should.

And sooner rather than later.

There are a lot of things you need to consider when buying a business.

Not only do you probably need a lawyer, you will need a team of other professionals to deal with the non legal aspects.

At a minimum an accountant and your bank manager will need to guide you through the financial aspects of the transaction.

When then should you call your lawyer to get advice?

We say it is important that once the business broker sorts out the basics of the deal, that you then tell them that it is subject to your lawyer looking at the contract first.

Generally the business broker will then provide you with a non binding Heads of Agreement document that will outline the main issues that define the sale of the business and your commitment to buy it on whatever the terms you have agreed.

Then the Seller/ Vendor will ask their solicitor to draw up the actual contract that will govern the process from hereon.

A good contract for the sale of a small business will define the issues that are important to both parties using a combination of standard pre-written clauses and special conditions that define the particular nature of your transaction.

SHOULD I USE A LAWYER TO BUY A BUSINESS?

The contract is not a take it or leave it document but should be treated as a working draft of ultimately will be the deal between the vendor and the purchaser (you). 

Anyway I could go on and on but the bottom line is by now it is the time that you need the help of a good commercial lawyer to advise you, like us.

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