When a purchase is underway, the variables that need to be clarified are as follows:
Due diligence i.e. the extent of any pre-contract investigations to be raised with the existing business owner and advisers. This would be in connection with the business itself; typically regarding contract commitments, staffing and property issues, and lease agreements.
The seller and their legal team should prepare and issue the draft contract where there is a small business sale of assets. In bigger deals or where the buyer is acquiring shares in a company, the buyer and their legal team will manage this. It is important that there is control over this process.
If there is a sale agreement with warranties, there will normally be the need for the seller to give disclosures against those warranties. This is done through a Disclosure letter.
For more information contact BEST member Nick Richardson at RHW Solicitors. firstname.lastname@example.org