‘I want to sell my business – what now?!’
29/11/2016 | ACUMEN BUSINESS LAW
So you have found a buyer and know that you want to sell your business, what now? There are lots of things to consider. The first thing you need to think about is whether the company is selling the assets or whether the shareholders are selling the shares in the company? If the company is selling the assets, will the buyer be expecting you personally to guarantee the obligations of the company? Are you ready for the due diligence that the buyer will be about to undertake? Those crucial contracts that add value to your business, do they contain ‘change of control’ clauses in the event that the shareholders sell the shares in the company or do they prohibit assignment in the event that the assets of the company are sold? This is just a small list of the things to consider when selling your business, make sure you are on top of the issues!