First-Time Buyers & Sellers: Practical Steps Before You Engage a Legal Advisor

⚖️Forewarned is Forearmed

For many people, buying or selling a business is a once-in-a-lifetime event. Legal terms alone can feel overwhelming and worries about fairness or “getting it wrong” can create real stress. Being well-prepared is just as important as understanding the legalities. When both sides know what to expect, transactions are smoother, quicker, and far less stressful especially when a single legal advisor is guiding both parties.

📊Preparing as a Buyer

• Clarify your objectives

  Are you aiming to expand, secure supply, diversify, or bring in new talent and expertise?

  
  

• Check your finances

  Make sure you have realistic funding in place and know your maximum commitment.

  
  

• Gather basic information early

  Obtain management accounts, customer stats, and contracts from the Seller as soon as possible.

  
  

• Set your priorities

Decide what matters most. Is it price, timing of the handover, or the seller’s assurances about the business?

🗂️Preparing as a Seller

• Define your goals

  Are you selling everything, retaining some assets, or considering conditional payments like an earn-out?

  
  

• Get your records in order

  Financials, contracts, employee obligations. Organising them upfront speeds up due diligence.

  
  

• Understand what you’re committing to

  Sellers often underestimate the impact of warranties/disclosures. Clarifying these upfront save time and stress.

  
  

• Plan timing carefully

  When do you want to complete? Are key customers or staff assured of continuity?

  
  

🤝How Both Sides Can Prepare Together

• Discuss mutual expectations early

  Talk through the process, priorities, and timing before legal documents are drafted. Using a shared legal advisor can help both sides stay aligned.

  
  

• Be open right from the start

  Sharing concerns early helps both sides avoid surprises during due diligence.

  
  

• Identify red flags early

  If either party spots a potential issue e.g. around tax, regulation or contracts address it together before it becomes an obstacle. Collaboration via a shared legal advisor can take away much of the stress.

  
  

✅The Role of a Legal Advisor in the Preparation

An advisor supports and guides both buyer and seller through the preparation stage before legal documents are drafted by:

·    Highlighting risks and clarifying warranties.

 ·   Translating legal language into practical business terms.

 ·   Helping both sides focus on productive, informed negotiation.

Conclusion

Preparation isn’t simply good practise it makes the legal process smoother, reduces cost, and increases confidence and lessens stress for both sides. 

❓Can the Same Legal Advisor Represent Both Buyer and Seller?

This is a question many people have.

Most solicitors in England and Wales can’t because of conflict-of-interest rules. Claric Legal isn’t bound by the same restrictions. Over the past 12 years, we’ve helped both buyers and sellers in numerous transactions, guiding them through the process smoothly. Using one legal advisor can build trust, cut costs, and make the process run more efficiently.

If you’d like guidance that supports both sides, please reach out for a no-obligation chat.

📞Contact Richard Jenkins on 024 7698 0613 or Richard@clariclegal.co.uk

Disclaimer: This blog is for general information only and isn’t legal advice. For guidance tailored to your situation, please consult a qualified legal professional.