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Legal Issues When Buying a Business

Whether a first time buyer of businesses or seasoned acquirer with numerous deals under your hat, an experienced legal advisor is crucial for you getting the right terms.

The due diligence process in particular plays a critical part of any deal completion but, the level of detail involved will vary dramatically based on the business sector and acquisition price.

Also, the vendors and purchasers individual approach to corporate deals will play a key role in how due diligence unfolds and what might emerge in terms of complications and costs.

 

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What is involved in legal due diligence

The detail and depth of due diligence will vary and there is no template on time or process however the following types of business have different requirement;

  • Technology or IP developed by the seller:
    • Do they have IP rights; and
    • Any potential for 3rd party claims.
  • Software:  due diligence might include checking for bugs and user feedback;
  • People-based: we would focus on employment documentation;
    •  What is state of the employment contracts?
    • Any terms stopping key employees leaving?
    • Any history of bad management and/or risk of future tribunals
  • Product based: what is the condition of customer contracts?  what 3rd party consent is required?
  • Regulated: what consents are required?

Many businesses will combine some or all of these factors but this provides you with initial insight about the variables involved with different sectors.

Business Owners Love LawyerFair

"We were seeking a lawyer to act in relation to a lease and were introduced to Lawyer Fair by a retired solicitor.We contacted a lawyer with the right skill set offering a fair fee for the work undertaken. We were very pleased with the quality of the lawyers work and will use Lawyer Fair again when we have an unusual legal requirement."

Ted- Dolan Andrews
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"Lawyerfair are fantastic, they found me 3 quotes from three firms. All the firms were communicative and helpful. I went with the middle quote and company and cannot rate them highly enough. I will be back to lawyerfair again for our next commercial property venture, and indeed for any area I might need legal advice."

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Keep Deals Moving

 

Absolutely crucial to any deal is to maintain momentum.  Time tends to kill deals so whatever advisors you chose, make sure they’re experienced and make sure they keep their foot on the gas to secure the deal terms you want.

One of our experienced panel lawyers who can help you buy a business

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Stewart Matthews

"I have not dealt with a more professional firm of solicitors that are not on our panel, I wish all our members chose such good firms. "

A satisfied client of Stewart Matthews
Posted on 01st January 1970

Companies & Organisations We’ve Worked With

Cavendish Enterprise Criterion Capital Croner Desktop Genetics Dymag Inspiring Business iVista Law Express National Enterprise Network Paradox Prius Partner Rabble Run a Good Warwicks

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