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Why do You Need a Solicitor to Buy a Business?

Why do You Need a Solicitor to Buy a Business?

You don’t need us to tell you that buying a business is unlike any other transaction you’ll make. Even the complicated and stress-inducing process of buying a home can pale in comparison to the steps and decisions you’ll have to make – the legal terms you’ll need to get comfortable using – and the sheer number of hours involved in buying a business.

We don’t mean to scare you by stating the obvious. After all, corporate solicitors exist to help make these sorts of high-stakes endeavours bear fruit – and do so in a timely and relatively stress-free manner.

Nevertheless, some people are still attempting to do it alone – and, if you’re even partially leaning toward that approach, this article is for you. Here are four compelling reasons to call upon a solicitor during this process.

Knowledge

Do you know whether you’re buying shares or assets – and the pros and cons of each when you’re looking to make a purchase?

At the same time, are you aware of when (and how) to make use of certain non-essential documents that could save you significant amounts of time and money further down the line? What about saving yourself the stress of poaching, lost IP, or suffocating restrictive covenants?

Hindsight is a wonderful thing, but far more wonderful than that is having someone on-side whose knowledge is expansive enough to pre-empt every one of these incidents – and far more besides.

Experience

Yes, we just spent three paragraphs waxing lyrical about the importance of knowledge – but knowledge isn’t all you want. That invaluable pre-emptive, proactive, headstrong approach to every stage of this process is something that you’ll only get if you’re working with someone who holds years (if not decades) of experience in this arena.

Knowledge and experience go hand-in-hand, and it’s not enough to pour over the corporate law books in your spare time.

Advice

No two business acquisitions go exactly the same way. Even when they run pretty smoothly, there are variables at work that make your situation unique – and, by extension, your needs.

A corporate solicitor is able to produce on-the-spot advice that is tailored to your situation, rather than copy-pasted out of a book or legal guide. Having them on-side from the beginning means that, further down the line when something big comes up, you don’t have to rush to bring them up to speed in a matter of hours.

Contacts

In business, the difference between a smooth and a bumpy process often lies in who you know – and who you have on-side. The first person to have on-side is, of course, your corporate solicitor, but you’re still going to need a more robust team to make this work as well as it possibly can.

An accountant, for instance, best comes at the recommendation of someone who has been crossing paths with them for years already – and anyone else needed to advise on the particulars of your transaction.

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