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Business Sales & Purchase

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Buying or selling a business is an important decision. Regardless of whether you are a seller or a buyer, you need to protect your interests - before, during and after such a transaction.

Good to know

  • The first step to undertake in seeking a transaction is to agree on the process. This is usually done with a Term Sheet or a Memorandum of Understanding.

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  • As a second step the buyer will conduct a due diligence. Due diligence is the process of investigating the business and its operations to give you more information about what you are purchasing. A business lawyer can assist during the due diligence phase of a business purchase.

 

  • In general, the seller will be responsible for preparing the sales & purchase agreement (SPA). The parties will negotiate until they reach an agreement that suits both of them. It is recommended to use a specialist lawyer to help you with drafting, reviewing and negotiating the SPA.

 

  • Standard form SPAs are used for the sale of smaller businesses. However, many buyers and sellers add special conditions to the contract that set out particular terms for their transaction. If you are selling a more complex or higher-value business, your lawyer might prepare a bespoke contract.

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