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As more of our financial, personal and social lives move online, digital assets have become an increasingly important part of estate administration.
Passing wealth to family is a goal many people share, yet the process is often clouded by misconception.
Have you been approached recently by the founders or owners of the company you work for to buy them out as part of their retirement or exit from the business? This is sometimes referred to as a management buy-out.
It may be that they’ve placed a short deadline on the sale and purchase being completed as part of their tax planning. See here for further information.
As a purchaser it is important that you take advice at an early stage so that you understand:
the structure of the transaction;
how the deal is going to be financed;
what your obligations are;
what liabilities you may be inheriting as the new owner of the business; and
what protections a typical management purchaser would look to include as part of the transaction (such as warranties and indemnities relating to the company’s liabilities and restrictions against the old owner setting up a new business in competition).
Typically a buyer undertakes due diligence on the company to understand what they are buying and to decide whether to proceed. As part of the existing management team, you may already have some of that information.
However, you should give thought to what information you don’t have about the business which you should look to obtain. That could be details relating to the company’s finances, what the employees are paid or what the company’s lease or other long-term commitments are. As part of the purchase process we can obtain that information for you and report to you on it.
You should also consider appointing an accountant or specialist who can assist you with any financial due diligence to make sure you are happy with the valuation and assist you with any tax matters relating to the company. We would look to work closely with such professional advisers to make your deal as seamless as possible.
At Lawson West, we understand that purchasing a business can be a daunting and complicated process, especially for first time business buyers. Buying a business is far easier to do when you have someone by your side who is experienced and can advise you on the best course of action and how to overcome any obstacles as they arise.
Our approach is to provide comprehensive support and guidance throughout the transaction. We work alongside you to navigate challenges, answer your questions and ensure a successful outcome. By having experienced professionals by your sides, you can confidently proceed with the management buy-out and achieve your goal of business ownership.
If you’re considering buying a business and want to discuss your options, then please contact Rebecca Beswick or Louis Tranter.