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Area of work:

Succession Planning

Buying or selling a business

There comes a time, when the current owner management of a business realises that for the business to continue, the time to hand-over the reigns, draws nearer. A number of options are available:

  1. The business can pass from a parent to their child.
  2. The existing management team can be invited to buy out the current owner.
  3. The business can be run dry, of work, and shut down.
  4. The owner manager can sell the business to another business; one that is looking for either lateral or vertical integration opportunities.

And there may be others or a mixture of these.

Necessary resources

When planning for a change of this magnitude, it is important to employ both a solicitor (for tax planning purposes and legal change in the companies yitle documentation) and an accountant to help prepare the books for any subsequent ‘due diligence’ process.

There are a number of factors to consider and the Internet is the resource to deploy. 

How the ECA can help

The ECA operate a passive buyer and seller service. Following notification the sellers details are passed to any buyers who have expressed an interest and/or the seller’s details are passed to the ECA Regional Manager’s - as it is often those who are approached with a request to buy or sell, in the first instance.

The association administers a confidential service by seeking and exchanging details of both the seller and buyer and if contact is required, then an initial confidentiality agreement is instigated.  

The parties are free then to carry on their discussions, the association plays no further part.

If you would like further information on this means of buying and selling a business please contact:
Paul Jackson , ECA Commercial Adviser on paul.jackson@eca.co.uk
 

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