Why use The Law Superstore to find lawyers to buy a business?
- Expert solicitors across the country
- Vetted and regulated by the SRA
- Over 100,000 people helped
- Instantly compare quotes from up to 4 solicitors
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The agent contacted us immediately made an appointment, kept it and talked us through the whole process. Would happily recommend this service
29th February 2024
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An excellent and informative service which is easy to use for a fraction of the Main Street price.
22nd February 2024
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Brilliant service, I got instant quotes and responses for potential solicitors. They solicitors took time to explain my various options and recommendations. Thank you
05th February 2024
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All four companies suggested contacted me. I have arranged an appointment with one of them to sort everything out. All very straightforward - Thank you.
31st January 2024
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I received two quotes and two telephone calls from your selected companies. The two quotes I received were for less than 60% of the quote I received from a local company. I am very pleased with your recommendations and the ease of using your services.
27th January 2024
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I was contacted almost straight away by 2 companies and a third company contacted me on the next working day. I am pleased so far with my choice.
24th January 2024
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I approached a recommended solicitor and he was very helpful and put my mind at ease regarding the power of attorney process. His prices were lower than I'd been quoted with other solicitors. I would recommend using The Law Superstore to everyone. Thank you.
11th January 2024
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Received an excellent quote within 24 hours. Felt confident as the firm is backed by The Law Superstore.
01st January 2024
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Within 18 hours I had been contacted by all four companies either by phone and/or email. My husband and I now feel prepared with all the information we need and will be deciding which to go with. This has been very easy so far and I have recommended The Law Superstore to a family member.
23rd December 2023
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Very simple to use and the prices were much more competitive than the extortionate rates I was being quoted locally. It has all been very easy.
13th December 2023
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Sent a good few solicitors to deal with my problem and had a quick response from all of them. The site is very easy to navigate. Very impressed, highly recommend.
06th December 2023
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Instant response. Home meeting arranged within 24 hours. Advice taken and work started immediately.
23rd November 2023
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I tried a Google search with limited success! But this put me in contact with local solicitors who contacted me almost straight away! Great resource.
23rd October 2023
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Everything was fast, efficient and hassle free. I would definitely recommend to anyone needing help.
19th October 2023
How to purchase a business
As the purchaser, you’ll first need to make sure that you’re certain of your decision to buy the business. Once the choice is made, you’ll need to reach out to a legal expert who will support you through the process. Your solicitor can draft and review contracts like the sale and purchase agreement. They’ll protect your interests and ensure that everything is legally compliant.
Your solicitor can also support you in the negotiations by providing expert insight and guidance so that you as the buyer can get the best deal available to you when purchasing the business. They’ll also be able to offer their advice on the agreement and mitigate any risks to ensure your purchase is protected.
Once the exchange is complete, you will inherit the business’ assets, such as its possessions, investments, employees, and the property.
A solicitor’s expertise will a guide throughout the process, protecting you from any complications and allowing for a smoother purchase.
Purchasing a business
If you’re interested in purchasing a business, you’ll need to seek professional advice to guide you through the negotiation, valuation and purchase process. You will also need to arrange your finance with a lender. They’ll want you to detail the business’ particulars, their accounts for the last few years, financial projections, and information regarding your own personal assets and liabilities.
Selling a business
If you are selling your business, you'll also need an expert solicitor to guide you through the process, and ensure the transfer is legal. Your solicitor will check all agreements and paperwork and guide you on whether the deal is solid. For more information on what to consider when selling your business, and what you should ask a solicitor, we suggest looking at our selling a business guides.
Frequently asked questions
What is the purchase of a business?
The purchase of a business is the act of buying or acquiring a business with the intention of continuing its commercial operations. It could be that you’re a sole trader buying a business from another sole trader, you’re in a partnership buying a business from another partnership or sole trader, or your company could be purchasing another business. Whether you’re buying as an individual or on behalf of a company, legal expertise is a must.
How long does it take to buy a business?
The length of time it takes to buy a business can vary depending 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.
How do you value a business?
To value 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. You will need to acquire a tally of the assets of the business, subtracting any debts or liabilities. 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.
Do I need a solicitor to buy a small business?
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, that the purchase agreement meets both party’s desires, and that the purchase is done as smoothly as possible. Buying a business is a huge legal undertaking, it could potentially have many jobs at stake as well as your own capital. An experienced business lawyer can help you feel confident in your purchase.
How do I choose a great solicitor when buying a business?
It's one of the most important legal processes you'll go through - you want to feel confident that you've got an expert on your side. We recommend checking their experience in business purchases, and asking for examples. You'll also want to check reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect. Talk through your expectations - do you need someone who is always available, or are you happy for them to only feedback if there's a development? Have a look at our guide on choosing a solicitor.
