The sale of your business marks the culmination of, in some cases, decades of hard work, stress and risk – in our experience, it is often one of the most important moments in our clients' business journeys.
Our Corporate Lawyers know this all too well – we not only appreciate the emotions that come with such a process, but have an intimate understanding of how important it is that your sale runs as smoothly as possible.
From the moment you decide your business is ready to go to market, to the moment you sign on the dotted line, Leathes Prior’s Corporate team is on hand to advise and assist every step of the way. As one of the largest Corporate teams in Norfolk, we act on a broad variety of sales, acquisitions, Management Buyouts (MBOs) and Employee Ownership Trusts (EOTs) each and every year – we’ve seen it all, and have the resource to handle any problem that may arise over the course of your deal.
When should I get a lawyer involved in my deal?
There is no hard and fast rule. Some prefer having a lawyer instructed from the get-go so they are on hand when negotiating the terms of the deal. Others prefer to wait until the legal process officially commences. If opting for the latter, it can still be useful to communicate with the lawyer you intend to instruct as early as possible, as this way they will already be up to speed when you need them to start moving things forward.
What should I do once I have agreed the terms of the deal with my buyer?
Depending on the complexity of your deal, it may be beneficial to agree a set of ‘Heads of Terms’ with your buyer. The ‘Heads of Terms’ document seeks to set out, in short form, all of the fundamental terms of the deal. While the agreed terms set out in the Heads of Terms are not legally binding, they can be a good way to ensure you and your buyer are on the same page from the start of the deal.
Should I contact my buyer independently, or have all correspondence go through my lawyers?
The smoothest corporate transactions are those where Buyer and Seller get along, so opening direct channels of communication with your buyer early on, and maintaining those channels over the course of your deal, can give yourself the best chance of growing this relationship.
Is there anything I can do before taking my business to market to help the process go smoother?
At Leathes Prior, we have seen more and more business owners on the brink of an exit ask what they can be doing to get ‘sale ready’. In response, we developed our ‘Company Sales Tool’ (more details below) – a free tool to help identify problem areas in your business and how to tackle them ahead of an exit.
Should I structure my deal as an asset sale or a share sale?
While the best structure for your deal is not discernible by your lawyer alone, there are inevitably legal implications to the structure you decide upon. Including your lawyer in conversations with your accountant, your financial adviser or other professional advisers you may choose to instruct can make sure all bases are covered ahead of your decision.
If my buyer decides not to continue, how can I be sure they will keep information about my business confidential?
Often, upon taking their business to market, business owners will ask prospective buyers to enter into a ‘Non-Disclosure Agreement’ (or ‘NDA’). This seeks to ensure that confidential information is only used in connection with the potential acquisition, and is kept strictly confidential.
You may be ready to exit, but is your business exit-ready?
To help you to evaluate how prepared your business currently is to take to market, Leathes Prior has developed a simple and easy-to-use tool, powered by AI, to help you identify the areas which, if not dealt with at this stage, may cause delays over the course of your deal.
Our tool is straightforward and easy to use – simply answer a few tailored questions on key areas of your business using the various options provided. You will then receive a free email report identifying which areas of your business need further attention.
Completing the Company Sales Tool will only take approximately five minutes of your time and will give you a better understanding of how ready your business is for sale. To get started click the banner below:
Sell My Business
To help you to evaluate how prepared your business currently is for the sale process, Leathes Prior have developed a simple and easy-to-use tool, powered by AI, to help you identify the areas of your business that may need some attention ahead of the sale process to make the transaction as smooth as possible.
Click here to find out more:
Please note that the information in the Company Sales Tool and corresponding report are only intended to be general guidance and specific advice should be sought before proceeding with any legal sales process.
Leathes Prior advise on the sale of Highbury Support Services Limited
Leathes Prior advise on the sale of ABC Power to landfill operator Enovert
Leathes Prior advises Canham Consulting on becoming Employee Owned
Leathes Prior Solicitors Advises Stellar Global Holdings Limited on sale to Marvesting
Leathes Prior act on sale of Daro Group of UK manufacturing companies to Intellego Technologies AB
Leathes Prior advise on the sale of the Greensleeves Group
Leathes Prior advise shareholders of Tiger Eye Consulting Limited on sale to CTS Group
Leathes Prior assist shareholders of Rent4sure in sale to PIB Group
Leathes Prior act on acquisition of multi-award winning publication, The New European, from Archant
Advised on the merger of Stellar Global Ltd and Mash Staffing Holdings Limited
The sale of Salix River & Wetland Services
Advise Angling Direct plc on £5.5 million fund raise
Advise owners of Chells Instruments Ltd in sale to SDI Group
Assist in sale of Broads Tours
Assisted on management buyout of Greensleeves Lawn Care
Assist Angling Direct buy out Erics Angling Centre
Advising Almary Green on its merger with Smith & Pinching Group
Advising on sale of Jack Richards & Son Limited
Advising on sale to management of Mayday Office Equipment Services Limited
what our clients say
We have looked at different succession options for some time. The most important thing for Canham Consulting is that the culture and values we work so hard at, continue to develop. The only way we could be sure of this, was to transition to an Employee-Owned business, and form an EOT. The EOT process requires true collaboration, and transparency. It was essential for us, that we surrounded ourselves with practical, pragmatic, and truly understanding legal support. Alex Saunders and Jack Horwitz have guided us through the EOT process and been an integral part of the team. Their knowledge and collaborative approach have made the process enjoyable for everyone. I cannot praise or recommend Leathes Prior high enough. Thank you for your support.
When that once in a lifetime opportunity knocks, its essential to get it right. We did our groundwork, and on recommendation, we chose Leathes Prior. They did the job, above and beyond. If we had to do it all again I’d chose them, and we would recommend them to anyone with a business to sell. Our team (Alex Saunders, Jack Horwitz and Milan Pandit) was the ‘A’ Team (‘A’ for advice, ability, accuracy, approach, and attitude). In my view, its essential to have the right people, have the full set of expertise on hand, and rely on their expertise to get you through the tough bits. Now we are all going to the races to celebrate!
I wanted to drop you a line to say what a fantastic job Nina did on our recent business sale. She worked tirelessly throughout often working out of hours to complete on a deal which had its ups and downs along the way. This is the second deal Nina has worked on for us and interestingly on the first deal we did with her the buyers were so impressed that they are using her on a deal of their own! A very nice lady who goes the extra mile to get the deals done!
After a lifetime running businesses, and building YTKO Group to 100+ people and £7m turnover, I thought carefully about various exit and succession options for some time. Establishing an Employee Ownership Trust was the best way to ensure that our values endured for the next 40 years and that our dedicated team would be able to reap the rewards of their hard work, commitment, loyalty, and passion. Choosing the right professional advisors to help us through the process was essential. Alex, Nina, and the Corporate team were outstanding, not just in terms of the legal due process, but in how they supported us - swift and practical replies, often out of hours, great availability by phone/teams, a super attitude, and a real team push to get us over the line when we encountered a last-minute obstacle. They really felt like an integral part of our senior team. I would absolutely recommend them without reservation.
Leathes Prior did an excellent job acting for us during the sale. Their attention to detail, availability to help and sense of humour held us in good stead to ensure the right outcome in the right timeframe. Thanks, in particular, go to Alex and Jack for all their hard work, it was appreciated.
From start to finish Paul and Nina were in complete control of our affairs offering nothing short of perfection in communication to complete the acquisition of my company.