Reasons to choose Wilson Browne
- Free Initial Consultation
- Direct Access To Your Legal Team
Succession planning has become a vital component in ensuring the long term survival of any business, and when it comes to taking a step back or retiring, it is a matter that is wise not to overlook.
What is the process?
Find your buyer
Identify who could be a potential buyer (e.g. competitors, suppliers or existing management team) and approach a shortlist of buyers either directly or through an advisor.Request that potential buyers enter into a non-disclosure/confidentiality agreement giving you peace of mind that any confidential information disclosed about your business remains safe.
Produce a sales/information memorandum identifying:
- Key financial information
- The industry your business is involved in
- How long you have been trading
- And details of employees
Draw up “Heads of Terms”
This is an agreement outlining the key terms of the sale.
Do your due diligence
Ensure both Legal and Financial due diligence are carried out. Lawyers and accountants will both undertake their own separate investigations so to ensure every aspect is covered.
Draft a sale and purchase agreement
Include a letter disclosing specific information about the business that the new seller will need to know (Disclosure Letter) – both these documents encompasses the terms of the sale, and information about the business being sold.
Organise a meeting for signing documentation to finalise the sale.
- Announce the transaction.
- Ensure Companies House is up to date with the correct information.
- Pay any stamp duty owed.
- Attend to administrative matters, such as insurance, payroll, PAYE, VAT and pensions.
What types of sales are available?
In this scenario the company is sold in its entirety. It’s a deal which is inclusive of the business assets, liabilities, employees, contracts and property.
In this scenario the buyer can specify which assets of the business it would like to purchase.
How do you get your Business ready to sell?
Ensuring everything is in order before going to market will help to attract legitimate buyers and enable you to get the most out of the sale process.
Ensuring your paperwork is in order is one aspect of getting your business ready to sell.
In simple terms, if you were selling a house, you would ensure to mend your roof and fix your boiler…the same principles apply when selling a business. It is therefore important to ensure the below are up to date along with other contributing factors;
- customer and supplier contracts
- terms & conditions
- employment contracts (inc disputes and litigation)
- health & safety compliance
- data protection
- property leases
- internal shareholder disputes (if applicable)
How can Wilson Browne help?
At Wilson Browne we have a reputation for giving comprehensive legal advice whilst remaining approachable and pragmatic. We work with our clients to create a future plan that works in harmony to suit both your needs and the needs of the business.
With offices across Northamptonshire and Leicestershire we can meet you at a location convenient to you.