{"id":179167,"date":"2023-01-17T01:15:30","date_gmt":"2023-01-17T01:15:30","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=179167"},"modified":"2024-05-07T03:26:22","modified_gmt":"2024-05-07T02:26:22","slug":"professionals-buying-business","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/business-sale-purchase\/professionals-buying-business\/","title":{"rendered":"I&#8217;m Buying a Business in the UK. Which Professionals Can Help Me?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Buying an existing business is an exciting and challenging time. On the one hand, the opportunity to grow and maintain a profitable company is thrilling. On the other hand, a foolish business purchase can result in financial loss and ultimate failure. Accordingly, it is common for prospective business owners to obtain professional advice during a <a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/questions-business\/\">company purchase process<\/a>. This article will explore which types of professionals could assist you during a potential business purchase in the UK.<\/span><\/p>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2023\/01\/13013547\/buying-a-business-560x792-1.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Buying a Business: Guide to Negotiating Terms<\/div>\n            <div class=\"body-text\">\n                <p>Buying a business? Download this free guide to help you negotiate key terms like price, stock, and employee entitlements.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/buying-business-guide.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n<h2><span style=\"font-weight: 400\">What Types of Advice are Useful During a Business Purchase?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Whilst much depends on the nature of the business, it is common to require advice regarding various factors. Some examples of valuable advice include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">assistance carrying out due diligence regarding the company\u2019s finances;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">considering the broader market and whether it is the right time to invest;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">obtaining a second opinion on the financial merits of the deal; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ensuring that the contents of all legal papers, most notably purchase contract documentation, are thoroughly checked and researched before signature.<\/span><\/li>\n<\/ul>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">Three main types of professionals can assist you with these factors: accountants, lawyers and business bankers. Let us explore the merits of each below.<\/span><\/p>\n<\/div>\n<h2><span style=\"font-weight: 400\">Business Bankers<\/span><\/h2>\n<p><span style=\"font-weight: 400\">There is no point in turning up to a potential deal with no funding. Whilst an accountant will help you invest money wisely, they cannot advise on money that does not exist. This is where a business banker or a business broker can help.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The starting point is to obtain sufficient funds to cover any potential deal. Most business transactions are funded, at least in part, by a financial lending institution or bank. A business banker will ask for detailed reasoning behind your planned <\/span><a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/5-tips-when-purchasing-a-business-in-england-and-wales\/\"><span style=\"font-weight: 400\">company purchase<\/span><\/a><span style=\"font-weight: 400\"> and determine whether a financial institution will provide that degree of lending. They will also detail what restrictions and conditions may accompany the monies in question.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Many financial institutions are wary about lending large amounts of money, so they will only provide final, binding approval late in the process. In this way, it is wise to insert wording into any purchase documentation, making it clear that the purchase is subject to final lending approval.<\/span><\/p>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left 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Some relevant factors may include the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">whether the purchase price and ongoing cost of financing the target business are within your financial capabilities;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">any debts or liabilities that may require repayment in the near future;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">whether any lending conditions from an investor or bank are too restrictive or may hinder the effective management of the business;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the likely profitability and goodwill associated with the company; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">whether the deal makes sense from a tax perspective (especially if you own other companies).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">If the prospective deal is on firm ground, an accountant may suggest creating a financial plan for the new business. This plan would usually include the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">calculations of likely income and profit over the first few years of ownership;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">predictions of potential future expenditure;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">budgeting suggestions and efficiency savings; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a general business plan of how to improve the company.<\/span><\/li>\n<\/ul>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">A good financial plan should help you ascertain how much money may be required to obtain a profit from the company and how long it will take to get high profitability. It is not uncommon for a potential buyer to exit negotiations after concluding that decent profit will require too much time, investment or reputational damage.<\/span><\/p>\n<\/div>\n<h2><span style=\"font-weight: 400\">Business Lawyers<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The final link in the buying process is usually a business sale lawyer. An expert lawyer can help you with some of the following tasks:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">reviewing the wording of the <\/span><a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/share-sale-vs-asset-sale\/\"><span style=\"font-weight: 400\">sale of business agreement<\/span><\/a><span style=\"font-weight: 400\">;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ensuring adequate <\/span><a href=\"https:\/\/go.legalvision.co.uk\/due-diligence-guide-uk-business-purchase.html\"><span style=\"font-weight: 400\">due diligence<\/span><\/a><span style=\"font-weight: 400\"> has been done;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">offering legal advice on the main risks involved with the purchase;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ensuring you do not sign contractual documents with unbalanced, unfair obligations;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">negotiating a better financial deal; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ensuring legal documents are correctly signed and finalised.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">In this way, a lawyer usually reviews the deal to date regarding funding, finances and negotiations. If everything looks sound, a lawyer can help you finalise legal documents that accurately record the deal in writing. Essentially, a lawyer can help you get a deal across the line in a legally binding manner.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Buying a business is far from straightforward. However, with risk comes reward, and the main merit of appointing professionals to assist you is to reduce the risk and enhance any reward. Three main types of professionals who can assist you when buying a business are accountants, lawyers and business bankers.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you need help purchasing a UK business, our experienced <\/span><a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase-lawyers-lp\/\"><span style=\"font-weight: 400\">business sale lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our<\/span><a href=\"https:\/\/legalvision.co.uk\/membership\/\"><span style=\"font-weight: 400\"> membership page<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1673917854540\"><strong class=\"schema-faq-question\"><strong>Can professionals advise me on the value of a target company?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, some professionals can provide you with a business valuation. Valuing a company is a complex task and depends on the size of the company and the nature of its business assets.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673917901248\"><strong class=\"schema-faq-question\"><strong>Do professionals charge more for larger company purchases?<\/strong><\/strong> <p class=\"schema-faq-answer\">Not necessarily. Most professionals will provide a cost estimate based on the likely time spent assisting you rather than on whether the business is small or large.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/179167\" \/>            <input value=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/professionals-buying-business\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"I&#8217;m Buying a Business in the UK. Which Professionals Can Help Me?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Buying an existing business is an exciting and challenging time. On the one hand, the opportunity to grow and maintain a profitable company is thrilling. On the other hand, a foolish business purchase can result in financial loss and ultimate failure. Accordingly, it is common for prospective business owners to obtain professional advice during a<a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/professionals-buying-business\/\">Continue reading <span class=\"sr-only\">&#8220;I&#8217;m Buying a Business in the UK. Which Professionals Can Help Me?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13349,"featured_media":3196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"2348,173170,1954,784,175462,1024","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[29],"tags":[20,21,293,1213,1214,1215],"class_list":["post-179167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-purchase","tag-small-business","tag-medium-business","tag-business-purchase","tag-business-bankers","tag-accountants","tag-business-lawyers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Which Professionals Can Help Me Buy a Business | LegalVision UK<\/title>\n<meta name=\"description\" content=\"Three main types of professionals who can assist you when buying a business are accountants, lawyers and business bankers. 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He has particular expertise in Commercial and Employment litigation, as well as data protection and privacy regulations. He is a qualified Solicitor in England and Wales and has a decade of legal experience, including advocacy within civil courts and Tribunals. Tom specialises in civil and employment litigation. He has extensive experience in advising employers and companies as to the requirements of employment law and data protection rules, as well as day-to-day advice on smooth running from a commercial perspective. Qualifications: Professional Skills Course - Law, University of Law; Legal Practice Course - Law, College of Law; Bachelor of Laws, University of Southampton.","sameAs":["https:\/\/www.linkedin.com\/in\/tom-sutherland-72b4509b\/"],"url":"https:\/\/legalvision.co.uk\/author\/thomassutherland\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/business-sale-purchase\/professionals-buying-business\/#faq-question-1673917854540","name":"Can professionals advise me on the value of a target company?","acceptedAnswer":{"@type":"Answer","text":"Yes, some professionals can provide you with a business valuation. Valuing a company is a complex task and depends on the size of the company and the nature of its business assets.","inLanguage":"en-GB"},"inLanguage":"en-GB"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/business-sale-purchase\/professionals-buying-business\/#faq-question-1673917901248","name":"Do professionals charge more for larger company purchases?","acceptedAnswer":{"@type":"Answer","text":"Not necessarily. Most professionals will provide a cost estimate based on the likely time spent assisting you rather than on whether the business is small or large.","inLanguage":"en-GB"},"inLanguage":"en-GB"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/users\/13349"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/comments?post=179167"}],"version-history":[{"count":4,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179167\/revisions"}],"predecessor-version":[{"id":187583,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179167\/revisions\/187583"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media\/3196"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media?parent=179167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/categories?post=179167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/tags?post=179167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}