Business Purchase Solicitors in Stockport & Cheshire
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When you’re thinking of Buying a Business, it can be both exciting and challenging. The process can be complex, involving numerous legal, financial and operational considerations. This is why it is essential to secure the appropriate legal experts to expertly navigate this journey.
Our Business Purchase Solicitors are key to ensuring a smooth and legally compliant business purchase. They work to make sure the transaction goes off without a hitch and meets all necessary legal requirements.
At Mounteney Solicitors, we guide you through every step, ensuring that your business acquisition is smooth, legally sound and aligned with your goals.
We have a proven track record of effectively guiding numerous clients through the process of purchasing businesses across the UK. Our team of expert Business Purchase Solicitors have the knowledge to provide reliable assistance and support every step of the way to a successful business acquisition.
If you’re seeking the expertise of our Business Purchase Solicitors, get in touch with us today and we’ll determine how best to assist you. We also provide a separate service for selling a business if that’s what you require.
How Can Our Business Purchase Solicitors Help?
When buying a business, the stakes can be high. Mistakes can be costly and may have long-term implications for your new venture. At Mounteney Solicitors, we understand this which is why we are committed to providing expert guidance and support throughout the entire acquisition process. Our service for Purchasing a Business includes:
Structuring the Transaction: We will establish the legal framework for your purchase, including drafting the Sale and Purchase Agreement (SPA) and other essential contracts, ensuring a strong foundation for the deal.
Reviewing the Due Diligence: We will conduct a comprehensive review due diligence to uncover any potential legal or financial issues with the business. From this we can make any amendments until both the buyer and the seller are happy with the terms. This process includes reviewing contracts, employee obligations, leases, intellectual property and more.
Negotiating with the Seller: We assist in reviewing and negotiating the terms with the seller, making necessary adjustments to protect your interests and address potential risks.
Completion and Post Completion Support: We manage the final steps, overseeing the exchange of paperwork and funds, ensuring a seamless transfer of ownership. Once this is done we will provide continued support after the purchase, handling any remaining legal matters and ensuring the business is fully and legally transferred to you.
The overall process requires careful attention to detail and timeliness. Our team of Business Purchase Solicitors can guarantee a smooth and stress-free experience for you. Get in touch with us today and embark on an exciting journey to acquiring your new business.
What are the Key Legal Considerations when Buying a Business?
Purchasing a business involves many legal considerations that require careful evaluation to avoid potential pitfalls and legal entanglements that are often overlooked when going through the process alone. Thorough due diligence and legal guidance are essential to ensure a smooth and legally sound acquisition process. Some key legal considerations to include are:
1. Reviewing Commercial Contracts and Agreements
An area that needs careful legal consideration are any existing commercial contracts and agreements. If the business operates from leased premises, the lease will likely be part of the sale. We will review the lease terms to ensure they are favourable and negotiate any necessary changes. This is particularly important if you plan to relocate the business or require flexibility in the lease terms.
2. Intellectual Property and Licences
When acquiring a business, protecting the intellectual property (IP) and licences is vital. This includes trademarks, patents, copyrights and trade secrets. Our team of Business Purchase Solicitors will ensure that all IP rights and licences are correctly transferred to you and that there are no outstanding disputes or claims that could be on the horizon.
3. Reviewing Employee Contracts and Agreements
When you purchase a business, you are more than likely to inherit its employees. Under the Transfer of Undertakings Protection of Employment Regulations 2006 (TUPE), employees rights are protected and you must honour existing employment contracts. We will advise you on your obligations under TUPE and help you navigate any employment law issues so you can secure a legally sound acquisition.
4. Adhering to Regulatory Compliance
Depending on the industry, the business you’re acquiring may be subject to specific regulations that must be followed. These regulations can vary greatly depending on the sector, and non-compliance can lead to penalties or even business closure. Our Business Purchase Solicitors ensure that the business complies with all necessary regulations, and we identify any ongoing obligations you may have post-acquisition.
Examples of industry-specific regulations include:
Licensing Requirements: Certain industries, such as hospitality or healthcare, may require specific operating licences. We will ensure these are up-to-date and transferable.
Environmental Regulations: If the business involves manufacturing or waste management, it may need to meet environmental standards. Non-compliance could lead to fines or operational restrictions.
Data Protection Laws: Businesses that handle personal data must comply with data protection laws, such as the GDPR. Our solicitors review how the business manages data to ensure compliance and avoid future liabilities.
By addressing these regulatory requirements, we help protect you from legal complications that could arise after the acquisition, ensuring a seamless transfer of ownership.
How long does it take to Buy a Business?
The timeline for purchasing a business varies depending on factors such as the business’s size, market conditions and the complexity of the transaction. While document drafting usually takes a few days, the entire process can span from six months to a year because of the involvement of multiple parties and the need to follow correct legal procedures.
Our Business Purchase Solicitors will carefully consider your instructions and offer tailored advice to produce the necessary documents for a successful and cost-effective business acquisition. Please contact us today if you require our legal assistance.
How much does it cost to instruct our Business Purchase Solicitors?
Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim (prices stated excluding VAT);
Transaction value Our Fixed fee
| Transaction value | Our Fixed fee |
| £50,000 or less | £1,320 |
| £50,001 – £100,000 | £1,650 |
| £100,001 – £200,000 | £2,200 |
| Over £200,000 | Individually agreed |
(Commercial property aspects likely chargeable extra – see Deed)
There is more about our fees on our website.
If you have any questions, require any further information, or would like to engage us (that will be on the T’s & C’s that are linked, “Our Terms”, in the footer, below) please don’t hesitate to Contact Us.
Contact our Business Purchase Solicitors
If you are considering buying a business, it’s important that you have the right legal guidance to make sure your interests are protected. That’s why our expert Business Purchase Solicitors at Mounteney offer a cost-effective and efficient service, helping you achieve your desired outcome for your business acquisition.
Our Business Solicitors in Manchester take a client-centred approach to ensure that you are fully informed and confident throughout the transaction. With transparent communication and dedication to achieving your objectives, we set ourselves apart as the go-to solicitors for business purchases.
We have offices in Bramhall, Cheadle, Hazel Grove and Heald Green and our Solicitors in Stockport regularly serve clients throughout the Stockport and Manchester area including Altrincham, Marple, Poynton, Wilmslow and Sale.
With over 18 years of experience in the legal sector, you can trust us to provide a dedicated legal partner for your business sale.
Contact us today by phone or visit one of our offices for a consultation.
Frequently Asked Questions when Buying a Business
What is Due Diligence when Purchasing a Business?
Due diligence is a comprehensive investigation into all aspects of the business you intend to buy. It covers legal, financial, and operational areas to ensure that you are fully informed before finalising the purchase. This process is essential for identifying hidden liabilities, contractual obligations, or any legal issues that could affect the value of the business or create future risks.
Key areas reviewed during due diligence include:
- Financial Health: A review of profit and loss statements, tax returns, and cash flow reports to ensure the business is financially sound.
- Legal Compliance: Checking that the business adheres to relevant laws and regulations, including licences and certifications.
- Contracts and Agreements: Analysing supplier and customer contracts to ensure they are enforceable and transferable.
- Employee Obligations: Reviewing employee contracts and ensuring compliance with TUPE regulations.
- Intellectual Property: Verifying ownership and proper registration of trademarks, patents, and other intellectual property rights.
- Potential Liabilities: Identifying any outstanding debts, litigation, or regulatory issues that could pose a risk after purchase.
Due diligence is crucial because it provides a full understanding of the business’s current standing and any risks that may need to be addressed before proceeding with the acquisition.
Can I Buy a Business without a Solicitor?
Buying a business without a solicitor depends solely on the size of the business that you are looking to acquire. It’s possible to buy a business without a solicitor but it’s not advisable. There are many steps when it comes to buying a business and the legal complexities and potential risks involved mean that having professional legal advice is essential to ensure the transaction is legally sound and that you are fully protected.
What is a Sale and Purchase Agreement (SPA)?
A Sale and Purchase Agreement (SPA) is a legally binding contract between the buyer and the seller that outlines the terms and conditions of the business sale. It includes details such as the purchase price, payment terms, warranties, indemnities and any conditions that must be met before the sale is finalised.
What are Warranties and Indemnities in Business Acquisition?
Warranties and indemnities are crucial to protect the buyers interests when allocating risks in the business acquisition process. Warranties are assurances provided by the seller about the condition of the business. Indemnities are promises by the seller to compensate the buyer for any specific liabilities or risks identified during due diligence. Both are important for protecting the buyer from future issues that may arise after the purchase.
What is TUPE, and how does it affect the purchase of a business?
TUPE stands for Transfer of Undertakings Protection of Employment and it protects employees’ rights when a business is transferred to a new owner. It means that the new owner must honour existing employment contracts and cannot alter terms or conditions without proper consultation. Our solicitors will advise you on your obligations under TUPE and help you navigate this complex area of law during your business acquisition.