Optical Businesses: How To Have A Stress Free Exit Plan
If you’re looking to hand over the keys and sell your optical business, it can be a complex process. Whether driven by retirement or a new opportunity, it’s likely your decision has not been taken lightly. Solicitors play a crucial role in this process, to help you sell efficiently with the right exit plan. In this article, we take you through the key steps you need to know.
Specialist Businesses
Optical businesses are very specialist businesses and there are certain nuances to the industry so it is important that you have legal representation which is experienced with dealing with the differences to typical business transactions. A good law firm will also be able to manage any other responsibilities for the seller of the optician business.
At Mackenzie Jones Solicitors we have helped a number of optical businesses both buy and sell and the solicitors dealing with your transaction are also business owners and so have empathy with the challenges and benefits that come with owning a business.
Preparation
A smooth sale requires preparation. Our expert lawyers will help you to identify potential issues early on, organise key documentation such as pre-sale agreements to ensure a smooth selling process. We help you identify your goals for the sale, protect the value that your business has built and minimise disruption to any current staff or patients. We would also be able to assist with the answers required to the due diligence questions that a potential buyer's lawyer may raise.
Management
One of the biggest pressures on an optical business owner when selling their business is the legal pressures of the sale. At Mackenzie Jones you will have a dedicated legal team who will advise on and negotiate the terms of the actual sale agreement to ensure peace of mind. Our team will also handle buyer enquiries efficiently and communicate with you in a timely manner so that you can stay focused on your business.
Completion
With the right preparation and legal oversight, your optical business could complete quicker than you expect. A quicker completion can be achieved with quick communication and streamlined documentation. Our solicitors will be able to manage the post-sale liability of the seller of the optician business against any warranties, representations or indemnities in the sale agreement. It cannot be stated enough how important the legal advice from the solicitor acting for the person selling the optician business will be in this area.
Selling your optical business is a big milestone and it deserves an exit plan that respects the time you have invested. At Mackenzie Jones, we offer over three decades of combined expertise and experience to help you navigate the complexities of business sales. If you’re looking to sell your optical business, please get in touch with our team today.
For more information, visit our website at www.macjones.com or call 0800 328 4466.
This information reflects our current understanding, which could be subject to change. This does not constitute legal advice.
