Purchase of Business Lawyer
If you're considering purchasing a business, we can help you do it on the most favourable terms possible. We have managed numerous transactions over our tenure and understand what it takes to conduct a successful transaction.
Buying a Business in Scotland
Purchasing a business in Scotland, especially for small enterprises, may be a complicated process that requires professional guidance from our business purchase solicitors. Whether you are an individual looking to purchase your first business or an established business owner looking to expand, we help make it all clear and simple.
Allow our business purchase solicitors to guide you through the minefield of rules and regulations in order to arrive at a swift and satisfactory resolution with the least amount of fuss.
We operate on a regular basis for clients throughout Scotland and the rest of the united kingdom in connection with the acquisition of various business entities, including sole traders, partnerships, family-owned firms, and limited companies (for which company law expertise is essential). Businesses of all types are frequently bought in Scotland, including stores, hairdressers, beauty salons, restaurants, pubs, and hotels, as well as professional activities such as doctors or accounting firms.
We can assist with a variety of aspects of business purchases, including business appraisal, due diligence, the purchase of shares or assets (such as commercial property), lease transfer, and financing a purchase.
Additionally, we will ensure that you are purchasing only the assets of any business that you require. Additionally, we will address personnel issues and guarantee that your business's employees are appropriately safeguarded during any transition. It is critical to us that we protect you from potential liabilities and minimise any existing liabilities.
What are the primary issues to avoid when purchasing a business?
We can prepare the business sale documents for you or analyse the seller's documentation. Generally, the buyer is in a stronger position if he or she controls the paperwork and provides the initial draft. What goes into the selling documentation is highly dependent on the acquisition's type, risk tolerance, and purchase price. We provide guidance on what is reasonable based on our experience.
Prior to reaching the stage of legal agreement, a well-planned transaction will begin with heads of terms outlining the fundamentals and confidentiality criteria. This might be a brief simple document, but it is critical since it establishes the agenda and timetable. We will assist you in including all necessary information.
When would an asset purchase agreement be the best course of action?
The buyer may desire a portion of the business but not all of it. In an asset purchase agreement, the buyer obtains only the assets and liabilities it desires and abandons the remainder of the trade. As with a share purchase agreement, you should include warranties in an asset purchase agreement to safeguard the buyer from inheriting more than they intended. In some instances, guarantees are impractical, and the purchase price reflects the buyer's risk.
How are employees treated when a business is purchased?
If you wish to retain personnel and/or avoid disputes, you must address employment law issues that arise during the acquisition process. We will keep you informed of the situation and empower you to make decisions. For instance, we can:
- Examine previous employment contracts: make a note of any onerous conditions that may obstruct you, such as term variations and bonus entitlements;
- Conduct a review of restrictive covenants to verify they comply with business requirements and are enforceable;
- Employ staff incentives to entice newly acquired talent.
How much will the purchase of a firm cost me?
We'll provide you with a fixed estimate, which we will never exceed without your prior approval. We'll provide regular updates on legal fees, and if your transaction proceeds more easily and takes less time than anticipated, your price will reflect this.
What information am I required to provide before purchasing a business?
We require standard identification documents, bank statements, and statutory books, but the most important thing is that you communicate your ambitions for yourself and your business. We're here to listen to your ideas, and the more information we have, the more effectively we can assist you in making them the business purchase reality.
Lawyers specialising in business acquisitions in Scotland
If you require guidance or legal advice on the purchase of a business in Scotland, our experienced and qualified team can assist you. At Complete Clarity Solicitors, we have over 15 years of experience representing both domestic and international businesses. Our clients are at the centre of all we do, and we are committed to providing you with all of the commercial legal services you may require. Contact us directly on 0141 433 2626
Leasing business premises
No matter what type of business you run, we can advise you on the property aspects. There are many things to be taken into consideration when you are buying a property including:
- Whether to buy or lease the property
- How to negotiate rent
- Planning and building issues
- Including rent review and termination clauses
- How long to lease the premises for
- Licensing issues if your premises requires a licence (bars, bookmakers etc)