Latest News from Everett Masson & Furby
Howells Solicitors - Legal Focus
Is now the right time to sell your business?
For many owners, deciding whether to sell their business, and often their livelihood is a difficult choice and almost every seller needs to decide whether or not it is a good time to sell.
Here at Howells, we have seen steady levels in demand and, despite the recent economic instability, the number of sales being completed in the business transfer market remains high.
There are more serious buyers around, interest rates remain at a record low, and contrary to popular opinion, the banks do appear to be lending again. All of the factors would indicate that now is a good time to buy and consequently a good time to sell as well!
So, if you've decided to sell, your next step will be to obtain the right advice by appointing the correct professional advisors. Sellers appoint a business agent, an accountant and a solicitor at the very least.
The business agent will value your business, introduce prospective buyers, handle any enquiries and assist with negotiations. We have an excellent working relationship with Everett Masson & Furby and can confidently recommend them to clients. From our experience, EM&F keep negotiations on track, and sales are completed quickly and with little complication.
You may need an accountant to deal with the financial aspects of the sale, such as preparing the accounts as well giving advice on the tax implications.
You will need a solicitor who, ideally, specialises in business sales so that they're able to competently manage each aspect of the sale and can give you the correct advice and guidance throughout the selling process.
At Howells, we have a dedicated team of solicitors that specialise in business transfers. We draft or review the sale agreement to ensure that it is fair and does not contain any unduly onerous obligations or restrictive covenants and we collate the information that will be required by any prospective buyer or their legal advisor.
Depending on the nature of the business we would also obtain the landlord's consent to assign the lease if your premises are leasehold, transfer the employees' contracts of employment, deal with the Vat implications, transfer any hire or leasing agreements in respect to the fixtures and fittings, transfer any premises licence and ensure compliance with all other legislation.
Our solicitors aim to correspond via email and telephone wherever possible to ensure your sale is dealt with quickly and cost effectively. It also means we can act for clients throughout the UK. We work closely with you to ensure that that you're completely informed throughout the selling process.
Most advisors charge on an hourly rate. Again here at Howells due to our experience and expertise we can offer most services on a fixed fee arrangement. This ensures that you're in control of the costs and allows you to budget when negotiating the sale price.
If you have decided to sell your business and would like a no obligation fee estimate from one of our specialist commercial solicitors then please contact us on the number or email below. To find out more about our services please visit our web site at www.howellslegal.com
Tel: 029 20404027