Business Sale Advisors

The right solicitor can help you obtain an effective sale. In fact they can have a direct bearing on the amount you receive for the sale. You may also add a third advisor to your team. The third advisor should be an accountant.

The accountant can concentrate on your financials in the business. They can look at how much the business is worth, prepare your accounts for the sale, and make sure that your books are in order for the potential buyer to view. Sometimes you do not need the accountant based on the business transfer agent you elect to have on your team. However, it is a good idea to keep the accountant in mind.

The solicitor will know the law of business sales. They will understand what is legal and what is not. By having a solicitor on your team you are showing the potential buyers you are committed to the sale and that you will have a legal sale. In order words you are sending a message that the buyer should not try to undercut the price or wheedle for contingencies that are not proper.

The solicitor will have more function than making sure the sale is legitimate from the angle of a potential scam. The solicitor is going to draw up your sales agreement that will be used as the legally binding agreement. The sales agreement is going to have the important aspects of a business listed. It will name the seller, buyer, the business, the assets, what if any help you will provide during the transition, and any other compromises you and the buyer have decided upon.

It is important that you choose the right solicitor. You may already have a solicitor on retainer, but are they well versed in business sales or are they more for the lawsuit angle of a business? You want to check your solicitor’s expertise and find the right person for the sale. You should find out how they may be able to help you market the business. A solicitor may be able to find a potential buyer based on their client list. As always you should obtain references from a new solicitor if you need to go that route.

Above all they should sign a confidentiality agreement about your business in order to keep the sale quiet until you are ready to go through with the sale. You have the option of having a team of advisors on your team. It is up to you as to how many individuals are involved. You will have to negotiate the payment terms for the solicitor and any other advisors you have on your team. You may find the solicitor is all you can afford to have working on the sale, so that you have the correctly drafted sale agreement.