Why use The Law Superstore to find lawyers to buy a business?
- Expert solicitors across the country
- Vetted and regulated by the SRA
- Over 100,000 people helped
- Instantly compare quotes from up to 4 solicitors
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Got a phone call from a company that day and was very impressed.
09th November 2023
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Saved me calling around. Also, the solicitors they found where of really good value.
25th October 2023
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The consultation was very informative & easy to understand. I was very happy with the outcome.
25th October 2023
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Easy to use and rapid response.
24th October 2023
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I tried a Google search with limited success! But this put me in contact with local solicitors who contacted me almost straight away! Great resource.
23rd October 2023
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Everything was fast, efficient and hassle free. I would definitely recommend to anyone needing help.
19th October 2023
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No sooner had I clicked on the link and 2 solicitors rang me.
11th October 2023
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We had loads of people offering their services. It's certainly a good site well recommended.
04th October 2023
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Very efficient, responded quickly, already had our first meeting.
04th October 2023
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Very good experience. Spoke to very patient young man Anthony who fully explained all my queries. All in all an informative conversation.
04th October 2023
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I wanted quotes for transfer of property. The Law Superstore gave me quotes from four companies, all considerably cheaper than I had received from local high street solicitors. All companies contacted me (some by phone, some via email, to discuss my requirements and clarify what they would do). I expect my family will agree on one of the firms.
21st September 2023
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Polite, prompt and understanding service, with the human touch! So appreciated at a difficult time.
21st September 2023
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Three firms got in touch, each one seemed very professional and I chose one.
20th September 2023
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A solicitor called within a short time and I am going to use him for my will.
20th September 2023
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Got the information that I needed and a price for carrying out the legal work I required. Very happy with the service.
13th September 2023
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I was very impressed at being put in touch almost immediately with a firm of solicitors who obviously had a vast knowledge and experience for my particular enquiry.
13th September 2023
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Supplied an excellent choice of companies to choose from for our legal requirements together with their comparisons and charging fees. Your guide on how to choose the right solicitor was informative and helpful.
11th September 2023
How to purchase a business
As the purchaser, you’ll first need to make sure that you’re certain of your decision to buy the business. Once the choice is made, you’ll need to reach out to a legal expert who will support you through the process. Your solicitor can draft and review contracts like the sale and purchase agreement. They’ll protect your interests and ensure that everything is legally compliant.
Your solicitor can also support you in the negotiations by providing expert insight and guidance so that you as the buyer can get the best deal available to you when purchasing the business. They’ll also be able to offer their advice on the agreement and mitigate any risks to ensure your purchase is protected.
Once the exchange is complete, you will inherit the business’ assets, such as its possessions, investments, employees, and the property.
A solicitor’s expertise will a guide throughout the process, protecting you from any complications and allowing for a smoother purchase.
Purchasing a business
If you’re interested in purchasing a business, you’ll need to seek professional advice to guide you through the negotiation, valuation and purchase process. You will also need to arrange your finance with a lender. They’ll want you to detail the business’ particulars, their accounts for the last few years, financial projections, and information regarding your own personal assets and liabilities.
Selling a business
If you are selling your business, you'll also need an expert solicitor to guide you through the process, and ensure the transfer is legal. Your solicitor will check all agreements and paperwork and guide you on whether the deal is solid. For more information on what to consider when selling your business, and what you should ask a solicitor, we suggest looking at our selling a business guides.
Frequently asked questions
What is the purchase of a business?
The purchase of a business is the act of buying or acquiring a business with the intention of continuing its commercial operations. It could be that you’re a sole trader buying a business from another sole trader, you’re in a partnership buying a business from another partnership or sole trader, or your company could be purchasing another business. Whether you’re buying as an individual or on behalf of a company, legal expertise is a must.
How long does it take to buy a business?
The length of time it takes to buy a business can vary depending on the situation. Variables can include the landlords or investors involved and must be considered when calculating the purchase period. It’s best to allow for 4-6 weeks between the start and completion of the process.
How do you value a business?
To value a business prior to purchase is extremely important so that you don’t overpay and are aware of exactly what you’re getting in the deal. You will need to acquire a tally of the assets of the business, subtracting any debts or liabilities. A financial advisor is a key member of the team here, and can advise on the value of different assets.
Your solicitor will also be able to guide you through the valuation before you purchase the business, highlighting any concerns, or any points where you need to ask more questions.
Do I need a solicitor to buy a small business?
Whether the business you’re buying is large or small, it is vital that you have a solicitor at your side throughout the process to ensure the exchange is valued correctly, that the purchase agreement meets both party’s desires, and that the purchase is done as smoothly as possible. Buying a business is a huge legal undertaking, it could potentially have many jobs at stake as well as your own capital. An experienced business lawyer can help you feel confident in your purchase.
How do I choose a great solicitor when buying a business?
It's one of the most important legal processes you'll go through - you want to feel confident that you've got an expert on your side. We recommend checking their experience in business purchases, and asking for examples. You'll also want to check reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect. Talk through your expectations - do you need someone who is always available, or are you happy for them to only feedback if there's a development? Have a look at our guide on choosing a solicitor.
