I’ve acted for various clients recently who have sold their businesses and companies, some for many millions of pounds, and I have been astounded by the extremely high levels of risk, often personal risk, that some sellers seem quite content to take on board when they sell.

The terms that some sellers are currently prepared to accept are nothing short of suicidal in some cases.

Some sellers are indeed rushing to sell their businesses like lemmings and are seemingly quite prepared to do so on terms that, quite frankly, verge on the lunatic.

From the point of view of a solicitor giving advice to a client on selling a business, the challenge is to get the seller to appreciate the likely (and often potentially disastrous) consequences of selling on the terms first offered and then to negotiate sensible terms, even if this means that the deal is delayed and even in the face of the possibility that the deal could go abortive. The maxim ‘caveat vendor’ has few adherents. Let’s just flog it and the devil take the hindmost.

In my experience, and, particularly, in my recent experience, sellers are far too trusting of buyers who are promising a fat cheque for the business, especially when that fat cheque is not paid in cash on completion but is deferred and, even perhaps, conditional on future profits or other uncertain conditions, which conditions are usually not within the control of the seller at all.

It requires quite a lot of nerve to sell a business and a considerable amount of patience. I always tell clients that selling a business is a process rather than just a matter of pitching up and signing an agreement. And good legal advice on selling a business is difficult to find so, if, after having read this, you would like a ‘no obligation’ chat with me about any aspect of selling your business, just call me or ping me an email (contact details below) and I will be very pleased to spend an hour with you to talk through the issues. It will only cost you your time and it will probably save you a lot of anxiety and ultimately even a lot of money.

Please feel free to download the FREE Guide with our compliments.

Chris Sherliker – 020 7749 2700

cjs@silvermansherliker.co.uk