Sale of Business to Family Member
The original owners of the business had reached retirement age and it was agreed that a family member who had been involved for many years would purchase the Company.
Having acted for the Company for many years, we were asked by both parties to act for them in the sale / purchase, and to continue to act for the Company after the change of ownership.
We therefore advised both parties on the fairness of the proposed deal and commented at length on the proposed Share Purchase Agreement, in particular the tax deeds and warranties. We also negotiated with both parties solicitors throughout the deal process and, using our detailed knowledge of the business, were able to produce a net assets statement on extremely short notice to ensure swift completion of the deal.