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Selling your business: how to choose a legal adviser

Wednesday, 28 January 2015

Business ColleaguesIf you’re looking to sell your business then it’s important to take legal advice from the outset, even before the start of negotiations. Finding a reputable law firm can be difficult but these tips will help you make your decision. Just as your business needs an accountant, one of the first services you will need is that of a lawyer. Striking the balance between quality of service and what’s affordable is crucial.

Seek recommendations

Word of mouth is a good way to choose a legal firm; it beats searching through Google. Seek out recommendations from contacts that operate similar businesses to yours and whose opinion you trust.

Don’t be intimidated

Solicitors provide a service and they are there to advise you on best practices; you don’t need to be distracted by legalese as it is their responsibility to explain the law in layman’s terms to allow you to understand.

Negotiate a service package that works for you

Your legal representation should be able to recommend a plan that works for you and your business. When starting the process of selling you will need extensive legal advice to get all your contracts in place, so look at all available plans they can offer and find one that is suitable for you. These range from hourly rates to fixed term contracts, depending on the amount of work that needs to be completed.

Use your legal team to support the sale

There are certain legal documents you will need to support your sale, but once you have the templates to support the process then further tweaks can be made as and when required as long as the legislation doesn’t change.

As you look to start the process of selling your business, having adequate legal protection is as important as the amount you eventually sell your business for.

To see the services that Rollingsons provide to support you selling your business click here.

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