Successful business buyers can be something of an oxymoron: they are the fastest to act on the right acquisition opportunity, but equally they won't be rushed. Nowhere is this approach more important than when handling important legal details.
Effective buyers know what a difference it can make to an acquisition to have all the legal stages covered. It takes time and effort to ensure everything is covered, but avoiding the extra work involved in organising legal issues now could be crippling later.
Of course buying a business is inherently risky, but the legal hoops are in place precisely to reduce this risk. While every acquisition is individual, there are certain key legal stages that will affect most buyers. These are the areas that you can't afford to skim over as a successful buyer.
Pre-saleIt can be tempting to rush into things when you eventually find a business that looks like 'the one'. Nobody likes the thought of missing out and people generally want to ensure they are in the best position to buy as soon as possible. But there can be a number of legal obligations to fulfil before and during the sale process.
Post-agreementAs soon as you've reached an understanding and sale agreement with the vendor, it's vital to get things drawn up in writing. Together, you will need to construct a contract to ensure that both sides are clear about exactly what the business sale involves. Legal advisers are usually used at this point to ensure that both parties have everything covered before the sale goes through.
Post-saleWith so many documents and check boxes to work through, it can be tempting to relax once the final contract has been drawn up and signed. However, there are a few extra legal matters that a new business owner needs to take care of before they can get down to business. For example, Companies House needs to be informed of the changes that have taken place through the business handover to ensure that all data is up to date.
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