If you’re considering selling your practice, the due diligence information is used to respond to all of the questions and queries from the purchaser’s solicitor and without it the sale will not proceed.
It is extremely important that all of the required information for due diligence is gathered at the early stages of the sales transaction, as this can save lots of time and cost once the business has secured an offer and is in the legal stages.
If your purchaser is using a bank to fund the purchase, some banks will insist on an independent valuer attending the practice and they too will have their own due diligence enquiries.
Your aim should be to answer all of the due diligence questions as comprehensively as possible providing all requested supporting documentation.
Everything should be sent to your solicitor as one properly collated and scheduled response. Answering points in piecemeal can become messy and cause further delays.
You will need to gather information on the following;
- Property
- Practice
- Equipment
- Employment
- Money
- Insurance
This documentation is vital in order to sell your business. Here’s a brief summary of the information you’ll need – read now.
For more advice, speak to a member of our team today on 0330 088 1156.
