Why use The Law Superstore to find solicitors to sell 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 sell a business
There are a few things to consider when you first start thinking about selling your business in the UK. It’s crucial to accurately value your business to ensure you receive a fair price. This can be done by assessing the financial performance, assets, and potential growth of your business. Secondly, you should prepare all necessary documentation, such as financial statements, tax records, and legal contracts, to provide potential buyers with a comprehensive overview of your business. When the time comes to start the selling process, it’s important to market your business. This can be done through online platforms, business brokers, or industry-specific networks. Lastly, it’s crucial to seek professional advice from lawyers and accountants who specialise in business sales to ensure a smooth and legally compliant transaction. Finding a legal expert can make the whole process so much easier.
What's the best time to sell a business?
This depends on you and your circumstances. It’s important not to rush the process, and definitely spend the time ensuring all your paperwork and finances are in order, you have everything a potential buyer would want to see, and that you’ve properly valued your business. If business is booming, it can be great to sell on a high or just before a peak, when projections look fantastic. However, whenever you decide to sell the key is to be prepared, and to have an excellent solicitor on your side to write up the paperwork and confirm all the details so you can feel confident.
How do I buy a business?
If you’re looking to buy a business, the key steps are the same – look at all the financial information presented by the company and ensure you’ve got legal and financial experts on your side to assess whether this is the right choice for you. Buying a business perhaps involves more risk and arranging capital, but you can still be supported by an expert lawyer to guide you through the purchase.
If you’d like to know more about the legal process when buying a business, go to our specific page below.
Frequently asked questions
Do I need a solicitor to sell my business?
Whilst you don’t legally need to have a solicitor in order to sell your business, it makes sense to do so. A solicitor can provide valuable guidance and assistance throughout the process, ensuring that all legal requirements are met and protecting your rights and interests. They can help with tasks like drafting and reviewing contracts, conducting due diligence, and negotiating the terms of the sale. Additionally, a solicitor can help you navigate any potential legal complexities and ensure the transaction proceeds smoothly. By having a solicitor on your side, you can have peace of mind and confidence in the sale of your business.
How much does it cost to sell my business?
The legal cost of selling your business depends on the complexity of the sale and how your solicitor works out their rates. Sometimes, a solicitor may take a percentage of the business sale value. It’s worth talking to your legal expert about how they charge for business sale work, as well as considering all the other costs like an accounting expert.
What does selling as a going concern mean?
Selling a business as a going concern means that the business is being sold with the intention of continuing its operations and maintaining its current customer base. In other words, the buyer will take over the business and continue running it without significant interruption. This can be an attractive option for both buyers and sellers, as it allows for a smoother transition and minimizes the risk of losing customers or disrupting the business's operations. When selling a business as a going concern, it is important to ensure that all necessary assets, contracts, and licenses are transferred to the buyer so that they can continue operating the business seamlessly. It usually means that a company is likely to survive over the next year, so does not require a huge amount of investment or big changes when it’s bought.
How long does it take to sell a business?
An average timeline for selling a business could be 6-12 months, but you can speed this up by having all of your paperwork and financials in order, picking a great solicitor to help you process all the paperwork and choosing the right time to sell. More investors tend to look for opportunities in the first quarter of the year, whereas it might be harder to get interest during the holidays. Similarly if your business is showing strong growth projections, it will seem more appealing and the process of finding a buyer will speed everything else up.
How do you value a business?
Valuing a business involves assessing various factors to determine its worth. One common method is the financial approach, which involves analysing the business's financial statements, cash flow, and profitability. This approach typically uses metrics such as revenue, earnings, and assets to calculate a fair value. Another approach is the market approach, which compares the business to similar companies that have recently been sold to determine its value. This method considers factors such as industry trends, market conditions, and the business's competitive position. Additionally, the asset-based approach values the business based on its tangible and intangible assets, such as inventory, equipment, intellectual property, and goodwill. Valuing a business requires a thorough understanding of its industry, market, and financial performance, and it’s advisable to seek the expertise of professionals such as business appraisers or accountants to ensure an accurate and fair valuation.
