Solicitor for business purchase

[Stuart_Walker]

I've agreed a price to buy a business and now need to find someone to help with DD and of course the transfer agreement etc.

Does anyone have any solicitors they can recommend?

 

[Gyumri]

@Clinton is bound to be able to recommend a solicitor.

 

[Clinton]

Yes, am happy to make a public recommendation or two.

@Stuart_Walker , who I recommend would depend on the size of the deal and whether it's a share purchase or asset purchase. (If you can disclose the sector as well that might be useful).

The choice of solicitor is very important. A less competent solicitor, or one who doesn't understand M&A very well, will be an absolute pain - you'll be subject to a lot of delays and a lot of nitpicking to the point where the whole deal may collapse!

If you are being represented i.e. you have a broker or corporate finance firm acting for you (you should!), I recommend you go with their preferred solicitor, it'll make the whole operation a lot smoother.

 

[Stuart_Walker]

Yes, am happy to make a public recommendation or two.

@Stuart_Walker , who I recommend would depend on the size of the deal and whether it's a share purchase or asset purchase. (If you can disclose the sector as well that might be useful).

The choice of solicitor is very important. A less competent solicitor, or one who doesn't understand M&A very well, will be an absolute pain - you'll be subject to a lot of delays and a lot of nitpicking to the point where the whole deal may collapse!

If you are being represented i.e. you have a broker or corporate finance firm acting for you (you should!), I recommend you go with their preferred solicitor, it'll make the whole operation a lot smoother.

Thanks for this.

This is a share purchase of a company with t/o of £100k. No property, no leases. 4 staff. B2B services so little in the way of assets.

I don't have a corporate finance adviser, the deal is way too small for that!

 

[Clinton]

If the turnover is £100K, the price is likely to be a small fraction of that. Any lawyer I recommend is probably going to charge you, just to draw up a Share Purchse Agreement (not for any due diligence or anything), more than the price you're paying to buy the business

 

[Stuart_Walker]

OK, not the answer I wanted but I appreciate you taking the time!

If the turnover is £100K, the price is likely to be a small fraction of that. Any lawyer I recommend is probably going to charge you, just to draw up a Share Purchse Agreement (not for any due diligence or anything), more than the price you're paying to buy the business

 

[IanSuth]

When you are doing DD (which at that TO you will end up doing a lot of yourself) look carefully at the employment rights of those 4 staff and how long they have been employed. I am not going to assume their hours etc, but £100k turnover and 4 staff doesn't sound healthy to me at first thought

 

[Stuart_Walker]

Thanks everyone who helped, I have now found someone who is taking on the work.