Buying a Business

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Secure Investments

If you’re looking for a relatively secure investment, nothing quite trumps buying an already successful business and just continuing to grow that business. Purchasing an established business has many benefits.

Overview

Some of these benefits include: 

  • Proof that the business actually works and is viable 
  • Proof that there’s avid demand that you can fill 
  • An already established or grown customer base 
  • Eliminate the  need to hire fresh employees as they almost always do have them already 
  • The buyer can leave the seller to continue to run and grow the business if the seller still wants to continue working on the business, and they can come to an agreement 
  • Historical financial performance and cash flow, which shows that the business actually makes money 
  • Eliminates the guesswork that comes with building a business from scratch 

But as with all business dealings, this also comes with its peculiar set of challenges. And to navigate or solve these problems, you need all the help you can get. But before you start dealing with these problems, you need to buy the business first. Here’s how to do that: 

Have a Budget

How much money do you have to spend on the purchase of the new business? Do you have the necessary liquidity, or will you have to liquidate some assets to buy it? Or are you willing to trade assets plus cash for the business?  

These are things you need to figure out first. Having a budget is particularly important as it helps you narrow down your focus to only buying businesses that you can afford. This way, you’ll avoid spending a lot of time in the search for businesses.  

Determine Your Type of Business

There are hundreds of thousands of businesses in many industries for sale. What type of business are you looking to buy? Are you interested in a convenience store or a franchise?  

Would you prefer to buy a gas station or a highly profitable logistics company? These are questions you need to ask before making any move. If you’re unsure of where to begin, why not choose business interests that you’re familiar with and/or have experience in? 

For example, if you know how to sell cars, why not consider buying a dealership? The important thing is to ensure that you know a lot about the business you’re looking to acquire. And if you don’t, make sure you understand it at the very least.   

Gather a Team of Professionals

It’s a great thing to be enthusiastic about this new business opportunity. But before you go ahead and pull the trigger on the purchase, have a few professionals double and triple-check the deal.  

Talk to accountants, bankers, and lawyers who are familiar with these kinds of deals. Remember that for you, it’s a rare thing to buy a business. But for the professionals like us, these are things that we see and handle for clients frequently.  

A good team of professionals will help spot and identify things you could easily miss, as well as offer unique insights. 

Buying A Business – FAQs

What is involved in buying a business in the UK?

Buying a business typically involves a structured process including agreeing heads of terms, conducting thorough due diligence, negotiating the sale agreement, and completing the legal transfer. As specialist commercial conveyancing solicitors in Northumberland, we guide clients through every step to ensure a smooth transaction, whether it’s an asset purchase or share purchase.

Do I need a solicitor when buying a business?

Yes. A qualified commercial property solicitor or business purchase solicitor is essential to protect your interests. We handle legal due diligence, draft and negotiate contracts, advise on deal structure, manage employment transfers (TUPE), and ensure all regulatory requirements are met. Attempting the process without expert legal support can lead to costly risks.

What is commercial conveyancing in a business purchase?

Commercial conveyancing for buying a business covers the legal transfer of business assets, property, leases, contracts, and intellectual property. It differs from residential conveyancing and often includes reviewing commercial leases, licences, and business property law issues. Our team provides specialist commercial conveyancing services tailored to buyers in the Northeast.

What due diligence is required when buying a business?

Due diligence is a critical investigation into the target business’s finances, contracts, employees, assets, liabilities, and legal compliance. We carry out comprehensive legal due diligence as part of our business purchase service to uncover any hidden risks and help you negotiate a fair price.

What is the difference between buying business assets vs shares?

In an asset purchase, you buy specific elements of the business (premises, stock, goodwill, etc.). In a share purchase, you buy the company itself, including all its liabilities. The right structure depends on your goals and risk appetite. We advise on the best option and handle the associated commercial conveyancing and documentation.

How long does the process of buying a business take?

Timelines vary depending on the complexity and size of the business, but most transactions take between 8 and 16 weeks from heads of terms to completion. Factors such as due diligence findings and property elements can affect this. We keep clients informed throughout and work efficiently to meet your deadlines.

What are the costs involved in buying a business?

Costs include the purchase price, legal fees for commercial conveyancing solicitors, accountant and surveyor fees, stamp duty (where applicable), and potential search or due diligence costs. We offer transparent fixed-fee options for many aspects of business sale conveyancing and commercial property work. Contact us for a tailored quote.

Can you help with buying a business that includes commercial property?

Absolutely. Many business purchases involve commercial property or leasehold premises. Our commercial conveyancing solicitors handle both the business acquisition and the linked property elements, ensuring seamless coordination under business property law.

Why choose Toomey Legal for buying a business in Northumberland?

We are a local firm with deep expertise in commercial conveyancing and business purchase transactions across Northumberland and the Northeast. Our approachable team provides clear, practical advice tailored to your situation, helping you secure a successful acquisition with minimal stress.

Do you handle business sale conveyancing as well?

Yes. While this page focuses on buying, we also support sellers with business sale conveyancing, preparing documentation, managing the sale process, and ensuring a clean exit.