Selling a business can be fraught with many pitfalls of both a legal and practical nature and even after the deal has been done there may be skeletons lurking in a cupboard, just waiting to come back and haunt you well after the ink has dried on the contracts.
There may be many aspects involved in making the sale of your business and it’s always advisable to engage the services of an estate agent, like The Purple Property Shop and property search company like PSG North West, if properties are involved and a Conveyancing Professional like Amity Law or Solicitor such as AFG Law or Fieldings Porter to ensure that all the legalities are correct but the purchaser may also require you to indemnify them against inaccurate information which may come to light at a later date.
Stanmore Insurance Brokers in Little Lever, Bolton are able to provide bespoke policies to indemnify against outstanding tax liabilities for instance, which may stretch back as long as six years and which you may not even have been aware of.
Other issues which may be covered are those relating to intellectual property, latent pollution or employment contracts or outstanding litigation, in fact there are policies which can protect against any form of warranty which may need to be given.
Often purchasers require the vendor to set aside a percentage of the purchase price, to be placed in a retention fund for a period up to three years to safeguard against the unexpected and at that point you would certainly want to know that your nest egg was protected, in fact this type of policy would play a key role in your risk management plan protecting your investment into the future.
Stanmore Insurance Brokers are one of only a small, limited number of Chartered Insurance brokers in the UK and with nearly 50 years’ experience in the field are able to advise on all aspects of protecting against the unexpected when selling your business.
Don’t leave anything to chance, there are likely to be substantial sums of money involved in a deal of this nature and mistakes could cost you dearly. Take advice from businesses that come by recommendation and enjoy certain peace of mind.
All the businesses mentioned above have been selected to feature on thebestof bolton and come by the recommendation of previously satisfied customers and clients.
Member since: 4th July 2012
I am David Ramsden, owner of thebestof bolton.