Buying a Business – 6 Top Tips


This article was submitted by Peter Lynn & Partners

If you are considering buying a business the following points of consideration are essential:-

  1. Get good accountancy advice. You are going to need an accountant at some stage in any event so you may as well get them in early to look at the target company.  They can carry out full due diligence in respect of financial and tax matters.
  2. Consider the structure of the deal. Do you have to buy the shares or would it be possible to just buy the assets, goodwill and intellectual property?  There are advantages in both scenarios, and much depends on the particular circumstances of the buyer and seller.
  3. TUPE will apply, and therefore you have to ensure you know fully the terms and conditions of employment for each member of staff and in particular those key members of staff that you would wish to rely upon.  Consideration of any restrictive covenants will be important.
  4. Debts and liabilities. Be very careful what you are taking on.  Expert advice is needed to ascertain those contracts that can be terminated early.
  5. Price structure. Do you have to pay full price for the shares/assets upfront or could you stage some other payments over time based on various targets, there can be large advantages to this.
  6. To ensure a smooth transition of the goodwill, all the owners may agree a period of consultancy for proper hand over of clients.

Hopefully following the above tips will maximise the business returns but it is essential to obtain bespoke commercial advice from a specialist commercial lawyer.  For full advice contact Peter Lynn on 01792 450010.


Peter Lynn and Partners was established in 1999 to offer top quality commercial and civil advice to businesses and people in Swansea. With several offices in the heart of the Swansea area and a base in Cardiff as well, PL&P offer a wide range of legal advice and services to individuals and businesses across the South Wales region.

Their experienced solicitors provide a high quality service, which is tailored to the specific legal needs of the client, and ultimately aim to be ‘Preventing Legal Problems.’ We provide our clients professional legal services in lots of different sectors including Personal Injury, Family Law, Wills and Trusts, Residential Property, Commercial Property, Litigation and Dispute Resolution, Criminal Law, Agricultural Law, and Sports and Entertainment Law.

Peter Lynn and Partners have 40 members of staff which contain nine partners, 21 qualified solicitors and paralegals who are backed by a team of seven support staff. They are committed to securing the best outcome for all our clients.


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