Solicitor in Leicester specialising in Business Sale/Business Purchases
Steven Mather Solicitor is a specialist business law solicitor in Leicester, backed by the national team at Nexa Law. Steven has acted for hundreds of businesses and so if you are looking for legal advice on share purchase agreements, you’ve found the right lawyer. Every time Steven strives 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 solicitor for a business sale/purchase?
Buying or selling a business, whether in Leicester or wider afield, is a big thing for many people, and not something that our clients have ever done before and therefore you need more than just excellent legal support; you need sound business advice as well.
Buying or selling a business, whether in Leicestershire 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 – typically deals worth between £500k and £5m. Steven’s ideal client is not a mega-corporation, but someone in Leicester who would really value and appreciate excellent legal advice. We help buy and sell businesses in Leicester like cafes, estate agents, letting agents, financial advisors, hairdresser, shops, and much more alike. What you get with Steven is straight-talking, effective, excellent, professional advice. That level of service isn’t cheap, but if you want a great job doing and want to have direct contact with Steven rather than be passed down to a trainee, then you’ve found the right lawyer for your business.
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.
If the seller is not a limited company then the purchase will be an asset sale even if you intend to trade through a newly formed company.
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 £3,000 plus VAT for a simple very low-value share purchase deal, up to maybe £15,000 plus VAT for a more complex one. The average fee for business sales/purchases tends to be around £8,000 – £10,000 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.
Call on 0116 3667 900 or email firstname.lastname@example.org