Buying and Selling Businesses

Specialist support for business purchases,
sales, and transfers

The process of buying or selling a business is complex and requires specialist legal advice to ensure your interests are fully protected. Whether you are purchasing an existing business or selling a venture you have built over many years, our team at Bennett Oakley Solicitors will guide you through every stage with clarity, precision, and confidence.

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With nearly 60 years’ experience, we have built strong relationships with local financial advisors, accountants, and other business professionals. This network enables us to handle transactions efficiently and with thorough due diligence. Our clients include established companies, start-ups, and not-for-profit organisations throughout the South East.

The Basic Procedure for Buying a Business

Buying your own business is both exciting and challenging. While the rewards can be substantial, careful planning and expert legal guidance are essential to minimise risks.

Step 1 – Due Diligence

This fact-checking stage is crucial. Working with your solicitor and accountant, you should review the business’s financial records, supplier contracts, employee agreements, premises leases, and any potential liabilities. Investing in thorough due diligence can prevent costly surprises later.

Step 2 – Negotiation

After valuations, negotiate a fair purchase price with the seller. Solid due diligence may reveal weaknesses or risks in the business that can help you justify a lower offer.

Step 3 – Drafting the Heads of Agreement

This partially binding document outlines the agreed terms, timelines, and structure of the deal. While you can still withdraw at this stage, a well-drafted Heads of Agreement helps prevent delays and misunderstandings later.

Step 4 – Professional Due Diligence

Your legal and accounting team will investigate all aspects of the business in detail, ensuring compliance and identifying any legal or financial risks.

Step 5 – Sale and Purchase Agreement

The final, binding contract sets out the purchase price, completion date, and any covenants or warranties.

Step 6 – Completion

Once signed, the sale is complete and it is time to celebrate your new venture!

The Basic Procedure for Selling a Business

The process mirrors that of buying a business but also requires sellers to consider:

Tax implications, including Capital Gains Tax.
Warranties and indemnities that may be requested by the buyer.

Why Choose Bennett Oakley Solicitors?

We provide the experience, expertise, and personal service needed to ensure your business sale or purchase runs smoothly. Our lawyers are readily available to answer questions and are known for the precision of our contract drafting. With fixed-fee pricing, you can budget for legal costs with confidence.

Speak with a Bennett Oakley expert today

Looking for legal support? Get in touch with our solicitors, and we’ll connect you with the right expertise to meet your specific needs through our trusted legal team and professional partners.

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FAQ Topics

How long does it take to buy or sell a business?

The timeline depends on the size and complexity of the transaction. Straightforward deals can complete in 8–12 weeks, while larger or more complex sales may take several months. Delays often occur during the due diligence stage or negotiations, so having experienced solicitors involved early can help speed up the process.

Do I need a solicitor to buy or sell a business?

While it’s not a legal requirement, using a solicitor is highly recommended. Business sales and purchases involve contracts, warranties, liabilities, and tax considerations that can have long-term financial consequences. A solicitor ensures your interests are protected and the process is completed correctly.

What is due diligence and why is it important?

Due diligence is the process of checking a business’s financial, legal, and operational position before buying. This helps identify risks, verify the accuracy of information provided, and ensure there are no hidden issues that could impact profitability.

What costs should I budget for when buying or selling a business?

Typical costs include legal fees, accountancy fees, valuation costs, and any tax liabilities. Buyers should also factor in any working capital requirements after completion.