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Buying or selling a business

Buying or selling a business involves many steps – from the initial term sheet stage, due diligence, negotiating the sale agreement, to signing and completion. Depending on which side you’re on, there are different issues you need to consider.

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Here are the packages commonly requested by other businesses:

Buying a business

One of the best ways to get started in business is to buy a business that is already up and running.

  1. Know what you’re buying: Before you buy a business, you need to investigate the business through a process called “due diligence” and get comfortable with its financial and legal foundations.
  2. Key commercial terms: Typically, you’ll negotiate the main commercial terms such as the purchase price, structure and timing through a term sheet or a similar document.
  3. Sale agreement: The commercial terms will then make its way into a more formal sale agreement. As a buyer of the business, you should pay particular attention to whether the seller is providing you with sufficient warranties.

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Selling a business

If you’ve built a successful business and it’s time to move onto your next venture, you might be thinking of selling your business.

  1. Structuring the deal: Broadly speaking, you can either sell the shares in the company (i.e. a ‘share sale’) or sell the assets of the business (i.e. an ‘asset sale’ or a ‘business sale’). There are legal and tax implications that you need to consider to determine the best structure for your situation.
  2. Dealing with potential buyers: It might be useful to refer to a term sheet when negotiating, especially when comparing offers from more than one potential buyer.
  3. Know your liabilities: If you’ve agreed to giving some warranties, you should make sure that you can stand by them and that you understand your potential liabilities which might continue after the deal.

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