Are You Standing in the Way of the Successful Sale of Your Business?
A lack of preparation when selling a business leaves many sales delayed and creates additional costs for both sides.
A lack of preparation when selling a business leaves many sales delayed and creates additional costs for both sides. But in addition to further outlay, delays can jeopardise a sale entirely, which highlights the importance of streamlining the sale process.
One way to speed up this procedure is to prepare fully with a pre-sale audit by the experienced commercial team at Stephensons Solicitors LLP. With many years of experience working with the buyers and sellers of business interests, the firm are perfectly positioned to act for a commercial organisation in the sale or purchase of a complete undertaking, a business asset or a shareholding.
Many delays can be avoided before a purchaser is even identified, when selling companies address the legal aspect of their potential sale first, with a pre sale audit.
Stephensons Solicitors’ pre sale audit identifies problems early which can be rectified before they threaten a sale. They gather relevant information early and prepare an initial sales pack which can be submitted to the purchaser’s solicitor at the earliest opportunity.
Without this preparation, businesses could delay their own sales process, and worse could offer information which is inaccurate or out of date. Even if this information does not jeopardise a sale entirely, it provides the purchaser with the perfect opportunity to negotiate a reduced price. At worst, however, it could convince the buyer to look elsewhere.
Due diligence is a major part of a business transaction, providing buyers with peace of mind that a property has been represented properly, is of value and is without major flaws. A sale is at more risk of breakdown at this stage of the sales process than any subsequent stage such as the contract and transaction stage.
Stephensons Solicitors will ensure that all documentation and information is in order and ready to present to the purchaser for due diligence. This information includes an analysis of:
- Property (including title deeds, indemnity insurance policies, planning and building regulation permissions)
- Employees and contracts of employment
- Supplier and customer contracts
- Trade licences / permits / intellectual property rights
- Trading accounts
- Disputes / litigation
- Company Books (for share sales)
- General enquiries
A failure to carry out a pre sale audit could heavily reduce a sale price or threaten the success of a sale entirely. But a successful audit will actually add to the potential cost of the transaction.
Every pre sale audit which the firm carries out is entirely bespoke, since all companies are different. They range in price from £350 plus VAT for the sale of a small concern, to £950 plus VAT for medium sized business concern. All are also subject to nominal disbursement fees too.
For more information and to discuss a pre-sale audit contact Stephensons commercial property team on 0333 344 4776, alternatively why not find out more about Stephensons Solicitors LLP today at www.stephensons.co.uk?
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Stephensons Solicitors- Contact Information
- Lianne Tracey
- Public Relations Executive
- Stephensons Solicitors LLP
- Contact via E-mail
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