Frequently asked questions
The purchase of a business is the act of buying or acquiring a business with the intention of continuing its commercial operations. Whether you’re buying as an individual or on behalf of a company, legal expertise is a must.
The length of time it takes to buy a business can depend on the situation. Variables can include the landlords or investors involved and must be considered when calculating the purchase period. It’s best to allow for 4-6 weeks between the start and completion of the process.
Valuing a business prior to purchase is extremely important so that you don’t overpay and are aware of exactly what you’re getting in the deal. A financial advisor is a key member of the team here and can advise on the value of different assets.
Your solicitor will also be able to guide you through the valuation before you purchase the business, highlighting any concerns, or any points where you need to ask more questions.
Whether the business you’re buying is large or small, it is vital that you have a solicitor at your side throughout the process to ensure the exchange is valued correctly and that the purchase agreement meets both party’s desires.
With an important purchase you will want to feel confident that you've got an expert on your side. We recommend checking their experience in business purchases, asking for examples, checking reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect. Have a look at our guide on choosing a solicitor.
