BUYING A BUSINESS FAQS

SELLING A BUSINESS FAQS

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BUYING A BUSINESS - FREQUENTLY ASKED QUESTIONS

  • What extra assistance do I need?

    You may want to commission professional help to assess the business and its accounts.

  • What specialisation should I consider?

    Usually purchasers choose their specialisation due to their interests and their own unique requirements for a business. The Legal sector is growing, and business owners are finding that having a niche speciality is an advantage. We can assist in finding you that niche.

  • How long does it take to buy a business?

    This time will vary greatly depending on the business. The key factors that should be considered to determine the length of time necessary include: whether your offer will be accepted, the punctuality of both the vendor’s and your own solicitor, and how long the Due Diligence process will take. We advise purchasers on every step they can take to speed up the process.

SELLING A BUSINESS - FREQUENTLY ASKED QUESTIONS

  • What documentation would a potential buyer want to see?

    A potential buyer would like to see a license of practice. They would also like to see relevant details of the business, such as additional qualifications and insurance certificates. Above all, ensure that your company accounts are impeccably maintained for the last 5 years.

  • How long does it take to sell a business?

    There is not a definitive timeframe for how long it will take to sell a business, however this timeframe will vary depending on what kind of business you own, and also on what your requirements are. We are always on hand to give you valuable advice that will significantly speed up your sale process.

  • How do I ensure a successful sale?

    Get your legal firm into the best possible shape before a sale. Action any outstanding complaints and make sure that all your records are up to date. Make sure your internet presence is spotless, if you have any negative reviews, deal with them. It is essential to begin an exit planning strategy at an early stage for a successful deal.

  • What help do I need?

    In order to handle the sale effectively, consult external legal advice and accountants. It may be tempting to call upon your own expertise, however many sales fall through due to not seeking the correct assistance.

  • Is my law firm large enough to be placed on the market?

    Our legal market analyse has indicated that buyers require a minimum turnover threshold of £250,000 per annum and at least 2 partners or directors within the company.

  • Can you conduct the sell process in the strictest confidence?

    Our selling process enquiry will be handled discretely and professionally at all times. Remember, we work for you and will be already on your side!

  • As a M&A Law firm broker, would you advise to sell or merge a law firm?

    This is the most popular question asked by small law firms. Our advice is usually to consider both, but with the option to extract yourself in the short to medium term if you choose.