Initial Steps When Selling a Business

Once you have a potential buyer you should be thinking about the following:

• Confidentiality/Non Disclosure Agreement to prevent the disclosure/unauthorised use of confidential information relating to the company
• Exclusivity/lock out periods
• Consider costs implications
• Take advice from your tax adviser as regards the best possible structure
• Agree heads of terms with the buyer setting out the principles agreed

When we get to this stage we have already laid the groundwork ready for the key documents to be drafted.
 

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