Start-Up/Small Business Advice
SMALL BUSINESS ADVICE COVENTRY
If you are looking to go it alone or want to add to your existing portfolio, buying an established business with an established brand and reputation can be a great opportunity. For the new comer, it’s an easier and safer way of learning the ropes. For the established entrepreneur, buying a business may offer a new challenge or an opportunity to diversify into new markets. Whatever your reasons for buying a business are, Coventry business solicitors are here to give you thoroughly professional advice to ensure you are fully informed of the legal position of the prospective purchase and ensure a smooth transaction process.
Things to consider before buying a business
Simply speaking, no two businesses and thus purchases of businesses are the same. Before buying a business, you should make sure you do thorough research on the market and assess whether it is really for you. Once you have decided on the attempting to purchase the business, aside of having a look at the reputation and inner workings of the business, you will have to decide whether to make an asset or share purchase. Asset purchases are generally simpler to complete whilst shares complicate matters as you take on the liabilities of the company along with the shares. We can of course advise you fully on the legal implications of both courses of action and negotiate with the prospective businesses should you decide to make an offer.
Due diligence checks – dissecting the business
Due diligence checks are an absolutely vital part of the transaction process. Conducting due diligence allows you to properly ascertain both the financial and legal position of the company, making you aware of exactly how much risk you are taking on and the true state of the business. Coventry business solicitors are more than happy to carry out due diligence checks on your behalf.
Minimising risks – indemnities
If you decided to go through with the purchase after due diligence checks, we can negotiate the inclusion of indemnity clauses in the contract, which will make sure that any risk you undertake is minimised and that you are properly compensated should any risks materialise.
Buying a business in Coventry?
If you are thinking of buying a business in Coventry and need professional yet cost-effective advice provided to you on your doorstep, please get in touch at your earliest convenience and find out what we can do to help drive you forward.