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its easy
ring up the bloke whose business is 2x as big as yours and within 4 miles and ask him if he wants it... takes about 30 seconds for him to say ok...how much...
Seling up
ring up the bloke whose business is 2x as big as yours and within 4 miles and ask him if he wants it... takes about 30 seconds for him to say ok...how much...
This is exactly what I did, and the transaction was quick and relatively easy and they've been great to deal with. I did go via an agent first but they didn't find anyone suitable so I had to ask my competitor if they fancied it - they did.
Agent
That's great to hear , although I am curious to know whether the agent really tried hard or just listed you and waited and waited - the art of inertia !
No, they tried hard and I had a few interviews and discussions with interested parties. None of them were suitable.
Interesting article, Norman, but I almost choked on my cornflakes when I came to the comment about accountants writing their own contracts vs using one of your drafts. Neither is a great option, I'm afraid. There is no good alternative to getting appropriate legal advice and having the right legal expertise behind the drafting of the contract.
You are of course hoping the solicitor knows more about contract law than you....
Depends how well you rate your own knowledge. I reckon I can hold my own on a simple transaction like this.
Youll certainly know more about tax than him, well unless you are using Linklaters
You are of course hoping the solicitor knows more about contract law than you....
Depends how well you rate your own knowledge. I reckon I can hold my own on a simple transaction like this.
Youll certainly know more about tax than him, well unless you are using Linklaters
Agreed. I didn't use solicitors, and neither did my buyer. Personal choice.
Yes, belt and braces would be to use a qualified professional, but there is also the cost vs time vs risk aspect, too.
As long as each party makes an informed decision on whether to use a solicitor or not, that's more important to me.
Contract law has very little to do with the price of fish.
Ideally, you'll have a solicitor with *deal* experience, someone who can put together a Purchase Sale Agreement that protects *your* interests, someone who knows where the potholes are in the buying/selling of businesses and who can steer you clear of them, someone who understands deal structures / buy-outs / warranties and indemnities in M&A transactions ...and understands them inside-out.
You may know more about contract law than the local nice solicitor down the road who does divorces and conveyancing - I do, too - but the chances are you'll get burned on a business purchase / sale transaction if your counterparty is being properly represented by a shrewd professional.