text: Selling a business? Make sure you clear out any skeletons first - QualitySolicitors Parkinson Wright
  Preparation is the key to success with most things in life and is particularly important when you are trying to attract a buyer for your business. This is because any potential purchaser will almost certainly want to carry out pre-purchase checks to ensure that your organisation is legally and financially sound, and it is not saddled with unacceptable debt or unexpected liabilities.
  The process of carrying out these checks is known as 'buyer due diligence' and, as Louise Adams corporate lawyer at QualitySolicitors Parkinson Wright explains 'it is the outcome of this process that will usually determine whether or not the proposed purchase of your business will proceed. It will also influence the final price that the buyer is willing to pay.'
  As Louise Adams notes 'Regrettably, many business owners delay consulting a solicitor until the terms of a proposed sale have already been agreed and the due diligence process is about to begin. This can be a false economy, as there may be issues within the business which concern the buyer and which lead them to reduce their offer, some or all of which could have been addressed had a lawyer been consulted just that little bit earlier.'
  whether any bricks and mortar property are held on a freehold or leasehold basis, the ease with which such property can be transferred into the buyer's name and how you propose to deal with any mortgages or secured loans;
  the nature and scope of your employee and directors' pension scheme(s);
  For further information and advice on the sale or purchase of a business, and specifically on due diligence related issues, please contact Louise Adams or a member of our commercial team on 01905 721600 or via email worcester@parkinsonwright.co.uk