Now you have agreed a sale of your business or to purchase a business the key thought will be how long will the legal process take?
It probably took you a long time to get to this point, but now you just want it done.
However, the legal process is important in protecting your position so whilst you don’t want to be waiting whilst documents gather dust on someone else’s desk you need to allow some time for this process.
Ordinarily from when you shake hands on an agreed price, you’re looking at about three months to completion. It can certainly be done more quickly, but you realistically need to budget for three months.
There are variations for asset sales and share sales, transactions in regulated industries and tax planning arrangements, to name but a few.
How you can speed things up:
- Make sure you provide any information requested of you quickly.
- Agree a structure for the legal process and stick to it, without chopping and changing.
- Check who owns the property
- Make sure your accountant is on board.
- Make sure your bank understands your plans.
If you are considering selling your business, or are looking to purchase a business, please contact Jas Singh on 0121 726 4999 for some free friendly advice.