How to Buy Post Office or Newsagents?
Almost everything we do has been affected by the Coronavirus. Business owners and entrepreneurs are being struck by the closure of many non-essential businesses. However, the government has deemed certain businesses ‘essential’ and they have been permitted to continue trading during the lockdown. This means that for some businesses, like post offices and newsagents, there has been a huge increase in sales.
There may be many people who are looking to purchase a post office or newsagent and there may be owners who are looking to sell. Kaiser Solicitors are here to help business owners and prospective buyers negotiate contracts during the unusual circumstances we all find ourselves in at present.
Should I Lease or Buy a Newsagents?
Post offices and newsagents are an essential part of the UK infrastructure. In times of crisis, it is imperative that these service industries keep trading. Post offices allow people to send and receive items, and during self-isolation, this is the only means of purchasing essential items for some people. In rural communities, post offices and newsagents might be the only place that residents can withdraw money from their bank accounts or pay for their bills if they do not have internet access.
Buying or selling a small business can be daunting at the best of times as it is an extremely complex legal process, and during the lockdown when we are not all able to be as mobile as we usually are, it is very important that you have a highly experienced and trustworthy solicitor working on your behalf.
This will provide you with the certainty that you are guided through the process from the outset. It is important that you understand the ins and outs of the process. Even if you have sold businesses before it can still be a stressful procedure.
From a buyer’s point of view once you’ve found a business that you are interested in buying you need to let the agent know. We will contact the seller’s solicitors and request the asset purchase agreement if you are buying goodwill and assets. If you are buying a limited company, it is a purchase of shares and your solicitor will need to draft the share purchase agreement.
If the offer is accepted, the buyer’s legal team will conduct due diligence to ensure there are no hidden liabilities. If serious concerns are raised from the replies to the due diligence you could be advised to walk away from the deal by the solicitor. Due diligence can be a lengthy process, but it is a necessary part of the purchasing process. This is because English law does not provide much protection to the buyer. Once we are satisfied with the replies to the due diligence inquiries we can agree on the sale contract and complete on your behalf.
Whatever your reason for selling or buying a business during these exceptional circumstances Kaiser solicitors are on hand to help.