People are often afraid of asking a ‘daft' question – in my view there is no such thing, when you’re buying or selling your business.
In fact, the question which you fear asking may be the one which uncovers really important information – it’s simply that no-one had thought to ask it before. It can reveal new detail or open up a different aspect of the business, helping both buyer and seller.
Getting involved in a client’s business is one of the aspects of my work which I really enjoy. The earlier I can be involved in a transaction, the better; it gives my client the best understanding of the whole process and it means that I can focus on the right solution for them because I understand their aims.
Another advantage it gives a client is the chance to get really organised early on – getting all the right documents together may seem obvious, but paperwork is sometimes not top of the priority list in a business.
That kind of organisation makes the process simpler for everyone, and it also makes it easier to comply with all the legal rules – part of my work is to help people understand their obligations and ensure that they comply.
Openness and clarity are important too – I’m often asked by sellers if they should tell their buyer something about the business which they fear may not reflect well on them. The answer is yes – it is better to get any issues into the open and deal with them appropriately, and this also usually means that the sellers' liability following completion of a sale is minimised.
Clear, practical outcomes work when buying or selling – that’s the result I want.
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