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Vincent2013
Vincent2013, JustAnswer Expert
Category: Law
Satisfied Customers: 213
Experience:  Qualified solicitor and barrister (non-practising) with 7+ years experience
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I am considering buying a business (not the premises, which

Customer Question

I am considering buying a business (not the premises, which are leased) but the name and the customer base etc. The business is a registered company and claims a turnover of £120k annually, supporting three workers. The asking price (there is no stock of any value) is £60k. Who do I turn to to get a sense of whether this is a reasonable price and to help with the various aspects of transfer. Accountant? Solicitor? Accountant and solicitor?
Submitted: 2 years ago.
Category: Law
Expert:  Vincent2013 replied 2 years ago.
Hi, thanks for your question. My name's Vincent and I'm going to assist you with it.

A business buyer will usually need the services of an accountant and a solicitor.

The accountant will ordinarily be expected to assist a buyer with matters such as valuation, financial due diligence and tax matters and a solicitor usually assists with matters such as structuring the transaction, legal due diligence, commercial advice and the drafting of the transfer documents and ancillaries. Further, depending on the nature of the business, these advisers will be able to identify any other relevant specialists required to advise the buyer.

To locate a local firm of solicitors dealing with specific areas of law (such as company and commercial), the Law Society offer a free search tool. This can be found here: http://solicitors.lawsociety.org.uk/

I hope that's helpful.

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