Solicitor in Leicester specialising in Business Sale/Business Purchases
I’m Steven Mather Solicitor and I am specialist business law solicitor in Leicester. I’ve acted for hundreds of businesses and so if you are looking for legal advice on share purchase agreements, every time I strive to provide:
- Plain English Advice
- Time – to understand your situation and all that you’re faced with
- Results – getting the best possible result for you
- Value – fixed fees for your certainty where possible
- Convenience – meetings by phone, video call or in-person at a time to suit you.
Urgent business sale/purchase Advice?
Why do you need a Leicester solicitor for a business sale/purchase?
Buying or selling a business in Leicester is a big thing for many people, and I find that most of my clients have never done it before and therefore need more than just my excellent legal support, they need sound business advice as well.
Buying or selling a business, whether in Leicester or elsewhere, will usually come in the following stages:
- You’ve found the buyer/seller
- You’ve agreed in principle what the deal is (sometimes called Heads of Terms)
- You now want to make sure that what your buying or selling is exactly what you agreed, and that there are no nasty surprises once money changes hands (Due Diligence).
- Contract negotiations
- Advice on warranties
- Actual transfer of shares or assets/contracts etc
The good news is that Steven Mather specialises in business sales and purchases below £1m. My ideal client is not a mega-corporation, but someone in Leicester who would really value and appreciate sound legal and business support. We help sell businesses in Leicester like cafes, estate agents, letting agents, financial advisors, hairdresser, shops, and much more alike.
Share Purchase Agreement vs Asset Purchase Agreement
There are usually two main types of business sale/business purchase legal documents Share Purchase Agreement or Asset Purchase Agreement. So what’s the main differences?
Share Purchase Agreement
Under a Share Purchase Agreement (also known as a SPA), the Buyer buys the whole issued shares of the seller limited company business.
In doing this, it means the Buyer takes on all of the liability, the contracts, the staff, the good and the bad and the ugly. The Buyer becomes the new owner of the business on completion. It can be easier as it means you do not need to negotiate contracts with suppliers or customers, the company continues as it was the minute before completion, but with new owner(s).
Asset Purchase Agreement
Under an Asset Purchase, the Buyer often cherry-picks assets and the Buyer will usually create a whole new company to transfer those assets into. It can mean that certain liabilities in the seller Company can be left behind in that company – and that you only take on the assets.
It may also mean that you are not obliged to take on all the staff – although legislation known as TUPE can still apply and mean that some staff may also need to be transferred to the Buyer.
How much does a business sale/business purchase solicitor cost?
We like to work on a fixed fee basis but it is difficult to give you an accurate estimate without knowing much more about what the business is, whether it is a share purchase or asset purchase, and the purchase/sale price.
Generally, you should be budgeting around £1,000 plus VAT for a simple low value share purchase deal, up to maybe £5,000 plus VAT for a more complex one. My average fee for business sales/purchases tends to be around £3,000 plus VAT.
If you’re unsure on the question of fees, or on any aspect of buying or selling a business and need to speak to a solicitor, then call me, Steven Mather.
Just fill in the form on the side of this page, or give us a call to discuss further.
Instruct Me Now
To instruct a business purchase solicitor, contact me now.
Call on 0116 3667 900 or email firstname.lastname@example.org