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Buying a Family Business – What To Watch Out For

29 Jan 2019

Solicitors Experienced in Buying and Selling Family Businesses

Buying and taking over any business is often a stressful time with a number of things to take into consideration. When you’re planning to buy a family business, though, the stakes are raised.

There are a number of differences between buying a regular business and buying a family business, both in terms of legalities and practicalities, but it’s the potential for problems and disruption which should be given special attention.

Any business needs careful management, and when family loyalties are involved it can become an even more sensitive issue. It’s not just people’s jobs that they’ll be concerned about, but the ongoing existence and the legacy of the company that the family have built – possibly over a number of generations. Many family members will have a sentimental attachment to the business and will naturally be concerned as to your future plans.

This is just one of the reasons why hiring a specialist business lawyer with experience in the sale and purchase of family businesses is vital to your success.

Want to know more about the purchase or sale of a Family Business ? Simply call our commercial law team now on FREEPHONE 0800 1404544 or Salisbury (01722) 422300. Initial legal advice on the phone is always FREE.

6 things to watch out for when buying a family business

One of the main issues is that family loyalties will inevitably come into play, with the likelihood being that many of the family members will be deeply attached to the business and some may see it as more of a family asset than an ongoing business concern. Even if you’re an existing family member who’s looking to take over the business, you may come up against opposition.

Some of the more common problems encountered when buying a family business are:

• Opposition from family members if you’re an ‘outsider’ — If you’re a third party looking to buy and take over a family business, you may come up against opposition from family members who believe that either they would’ve been better placed to take it over or even that the business should not have been sold at all. This is a natural reaction as they will be rightly concerned about their jobs and the business which has been in the family for so long. This can be a particular problem if family members will remain involved in the business after the sale.

• Resentment from relatives if taking over ‘from inside’ — If you’re a family member who’s taking over the reins of the business from the current owner — perhaps a father or mother handing the business over to a child — you might experience resentment from a sibling or other family member who feels they have the right to run the business. Families are delicate things, as are businesses, so situations such as this need handling with care.

• Extra input/interference from other family members — Although they may not be involved in the business on any formal level, other family members may feel that they have a right to have a say in the sale of the business and will offer their thoughts and opinions. This is a situation which will need handling carefully and delicately.

• Providing reassurance and clear direction — Do the current owners and employees/family members know your intentions and direction for the business? If your intentions are consistent with the history of the family firm, setting them out clearly and making them known can help enormously in smoothing over relations with and reassuring potentially disgruntled family members.

• Distribution of capital investment — Did the original owner put a large amount of capital into the business? If so, they may wish to realise that investment and withdraw their capital. Will you have to cover that capital with your own investment or will the business survive the pressure on cash if this family capital is withdrawn? These are all questions which will need to be addressed in order to secure the future of the business you’re buying.

• Managing tax liabilities — There are a number of taxes and expenses associated with buying and selling a business, and all parties will be keen to keep these to a minimum. With proper legal advice, working hand-in-hand to produce the right tax strategy with your accountant, you need to look to minimise your tax liabilities and ensure that you’re able to focus on the real task at hand.

Buying and selling family businesses – the need for experienced legal advice

Getting the right legal advice in at an early stage can provide long-term savings too. If you risk disgruntled family members resigning from their jobs and failing to support the new management, or you allow poor morale to affect their productivity, the impact on your bottom line could be huge.

By keeping them reassured and motivated, you can ensure that the ongoing success of your business is secured. Not only that, but a number of issues can easily arise in the logistics and administration of buying a business, including unexpected costs such as tax bills or issues arising as the result of due diligence. A specialist lawyer will be able to prepare you and advise you about these, minimising your expense.

If you’re about to embark on the exciting process of buying a family business, engaging the services of an experienced family business solicitor could be the wisest investment you make.

Our team of dedicated family business lawyers have the experience to know what issues are likely to arise, including many things you’d probably never think of or anticipate.

We can help you to work through these issues and organise the successful purchase of your new business with the aim of ensuring that the whole process is as smooth as possible.

Want to know more about selling a family business? Click here

Buying a Family Business? Need Good Legal Advice? Call Us Now

Whether you’re based locally to our 4 offices in Wiltshire and Hampshire, or elsewhere in England and Wales, we can help.

To speak to us about how we can help in buying or selling a family business , call us today – and don’t forget we always offer free initial advice on the phone.

Call one of our team on FREEPHONE 0800 1404544 or on (01722) 422300 OR

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Google Rating

4.4

Based on 87 reviews

Bonallack & Bishop Solicitors

4.4

Liam Smith

18:08 19 Nov 20

Hollie was fanstatic all the way through the purchase of our new house and sale of our old house. Every step of the way I knew what was happening. I would always use them! Thanks again Hollie

Alex Fry

11:04 10 Nov 20

I have had dealings with B&B as a private individual and professionally as an IFA. Everyone I have worked with has been professional, on the ball and clearly valued their clients. Especially Emma Lockwood, Clare Cox and Angela Smith.

Paul Townsend

09:44 10 Nov 20

Thanks to the team at Bonallack & Bishop. They provide a friendly professional service with simple solutions for complex problems.

James McKenzie

19:36 30 Oct 20

We recently needed to update our wills and used Bonallack and Bishop in Amesbury. Clare Cox advised us and directed us to making sure our wishes were correctly recorded. The whole process was completed without fuss and in a short space of time. The good service was much appreciated.

Leah West

15:45 23 Oct 20

Becca Druce was recommended to help me with a property dispute when I contacted your company after using you a few years ago for a different type of case. Both cases were dealt with fully and professionally. On this occasion I appreciated the way in which Becca kept me fully up to date and gave open ended advice which was honest and useful. She made a difficult personal situation much easier to deal with and took the time to help a satisfactory conclusion to be reached.Thank you so much, I would definitely recommend and reuse.

Mike Tennick

15:44 22 Oct 20

Called to discuss matter told to email.for free consultation. Given email.address for a junior paralegsl member. No advice given only told we are at capacity.Seems either unable to take new business as maxed out. (Unlikely)The junior paralegal can't be bothered and is cherry picking work. (She won't last long)After emailing the Junior paralegal asking for explanation as to why I was instructed to email when they are allegedly maxed out and also emailing the practice director neither party have responded.I would advise anyone looking for a professional legal team maybe look.else where as professionalism is thin on the ground.As for tims response below many thanks however the initial request was to send a solicitors letter no long or independent than something similar to your reply..so instead of having to deal with a frustrated potential client you could have acted

Patricia Afonso

11:06 02 Sep 20

Highly recommended. I completed a lease extension through Bonallack & Bishop and left very impressed by the professionalism and responsiveness of their solicitors - especially Jake Holmes and Dale Bree. Very speedy responses and thoughtful updates - and at a fair price.

lynne Wilford

08:53 29 Aug 20

graham parr

14:06 27 Aug 20

It is now over two weeks since I rang a senior partner at this firm after reading on their website that they specialised in helping clients with potential negligence claims. However , despite ringing the Partner ( DP) on several occasions I have not even had the courtesy of a reply..Very unprofessional .I therefore have to question its competency.

Roxanne Rogers

19:49 26 Aug 20

We have worked with Bonallack and Bishop twice now, 5 years ago and recently and would highly recommend. They are very professional and communicate clearly and regularly to keep you updated on your purchase/sale. Honestly believe our sale would have took so much longer without them! Thank you :)

paul winch

12:52 19 Aug 20

Used the solicitors again for a property transaction & all went well. Someone in the company who I rate very highly is Jake one of the staff who is always very helpfull & does not let you down, you will go far young chap!

Steve Linge

10:02 18 Aug 20

Just completed conveyancing with Bonallack & Bishop and the service they provided was first class. This was the 3rd time we have used them! (must stay put for a while) Totally took away the potential stress of moving and they were totally on the ball! Very good value for money.

Robin Trevett

16:18 10 Aug 20

Hollie recently dealt with a property acquisition for us. She was very professional and proactive. Kept us informed with regard to progress regularly. Communication was clear and efficient. Made the whole process very easy. Will only be using Bonallack & Bishop from now on.

Sarah Jones

07:30 15 Jul 20

I can highly recommend Bonallack & Bishop for a lease extension - Jake was helpful and informative every step of the way.

Stephen Burton

07:23 25 Jun 20

recently lost my mother who had a flat with a low lease and needed some advice on how to extend it. Spoke to William who was very helpful and explained the process so clearly and I soon realised my landlord had completely misled me. Having never had a leasehold flat I was clueless. Thank you William! Also worth mentioning that when I advised my mother had recently passed, I received such empathy which is sometimes a rarity. Once I'm ready to extend the lease I will consider nobody else.

Amanda V

16:03 21 Jun 20

I chose Bonallack & Bishop Solicitors as I wanted a Deed of Variation on a lease. I worked with Jake throughout, his service was outstanding, friendly and professional. I couldn't have asked for more and happy to recommend.

stephen singleton

10:46 28 May 20

I found Jake to be very Professional in sorting out my Lease on my appartment and would be happy to use Him again

Russell

14:22 18 May 20

Avoid ...... this company is totally incompetent.

Caroline Harrison-Keen

11:55 04 May 20

I recently received excellent service from the Salisbury branch, who helped me track down archived documents quickly and efficiently. I was kept up to date with progress on a regular basis and cannot fault the friendly but professional way Jill dealt with my request.

Sarah Dorrington

16:11 08 Apr 20

My father recently came to Bonallack & Bishop to update his Will and was looked after by Kerry-Anne Pease. Kerry dealt with the process quickly and efficiently. She was always very pleasant and knowledgable, helping with our many questions. The firm has a relaxed atmosphere and makes you feel very welcome. We would certainly recommend and return for any future legal requirements.

07:55 30 Mar 20

We have just completed as a first time buyer through Hollie in the Andover office who looked after our purchase. She made the whole process very easy for us and was able to put our minds at rest and talk us through how it was all going to work. She realised that I was a first time buyer and pretty much offered to hold our hands. I cannot thank Hollie enough for being patient, answering all questions and being so professional to make it possible for us to have our first home.Thank you again for all you help Hollie!

Martha Whatley

09:49 29 Mar 20

My partner and I just bought our first home with the help of Bonallack and Bishop, and we are so glad we chose them as our solicitor. Our case was handled by Amelia and the help she gave us went above and beyond our expectations. No question was too trivial or too challenging, and she handled our purchase from start to finish with patience, warmth and complete professionalism. We had total confidence in her throughout the process and are very grateful for everything she has done for us. We would absolutely recommend Bonallack and Bishop, and will be using them again in the future should anything arise requiring a solicitor. Thank you - deserving of the highest rating possible.

Will Fraser

20:35 04 Mar 20

Jennifer Slater at Bonallack and Bishop did all the legal work for a freehold purchase and were super. Very well-organised, good at communicating and explaining things as they went, and effective in dealing with the vendor. I would highly recommend them and would return for further work.

Simon Rushworth

08:52 04 Mar 20

Top legal service on many levels encompassing receptive and articulate customer care to all my family members. Of particular note, Micky Revell has been outstanding.

Susan Lionti

10:41 29 Feb 20

We have just completed our lease extension with B&B and everything went smoothly. Jake Holmes dealt with our case and was always prompt to answer our queries, pleasant and efficient to communicate with. The very reasonable price quoted to us was maintained despite there being some extra work to do. I would happily recommend Jake and the firm.

Rupert Glascow

13:06 28 Feb 20

Very good advice on employment law. In the end, we were able to settle an unfair dismissal with a good outcome.

Ben Garner

13:02 29 Jan 20

Excellent lawyers

Sarah Higginson

09:38 29 Jan 20

All residents have been extremely happy with the timely service and support received from Jen Slater, Head of Leasehold Property Team with regards to our freehold purchase and subsequent lease extensions. Highly recommended!

Stuart Richmond

14:56 04 Jan 20

I had to extend the lease on my flat and found Bonallack and Bishop's details on the Home Owners' Association website. From the first contact with the company I knew that I had made the right choice. My case was handled by Jake Holmes who was extremely professional, helpful and human. He took the time to explain every step of the process in terms that I could understand and was wonderfully clear in both his written and telephone communications. The whole process was handled and concluded very efficiently and I felt supported and informed throughout. I was so impressed by the firm that I asked Jake for assistance in drawing up my will. He passed my enquiry on to the right person and this has now been concluded in a similarly professional and efficient manner. I am immensely grateful to Jake and to Bonallack and Bishop for their assistance.

Kevin Smith

12:10 12 Dec 19

Excellent service provided by Dale. Quick, smooth and issue free. Kept up to date with status throughout. Would not hesitate to use again.

Bekki B

15:53 11 Dec 19

Seriously poor solicitors, also very inadequate staff on reception, stood waiting for confirmation of a payment recently and the receptionist went away leaving all personal information from clients on the reception desk along with cheques etc. No awareness of data protection!

Laura W

14:16 24 Nov 19

I used Bonallack & Bishop for the sale of my house, and as the service provided was professional and efficient, I chose to use them again when I purchased a property, despite having moved over 100 miles away from Salisbury. All of the members of staff I dealt with during both transactions were helpful. In particular, Ms Inglis and Mr Escott responded promptly to any queries, and gave reliable and professional advice. I would definitely recommend Bonallack & Bishop.

Enquiries Southwick

20:17 16 Nov 19

Rob Alcock

14:44 12 Nov 19

I used Bonallack & Bishop solicitors to manage the legal process of extending the lease on my property. Dale Bree was my point of contact throughout; he gave an extremely helpful, professional and efficient service and I have no hesitation in leaving a positive recommendation.

Dave Collins

18:26 11 Nov 19

Can't speak highly enough about Bonallack and Bishop. They have successfully completed nine lease extensions with the freeholders of my block and we're so efficient and professional during the whole process.

Chris Pearson

14:13 07 Nov 19

The purchase of a property in Salisbury was dealt with efficiently by John Escott. He and Amelia (para legal I think) were readily accessible by phone for any queries, and were always helpful and approachable.I would happily use the firm again in future.

Steve Cox

12:26 07 Nov 19

My partner ( Gilly) and I , had already been to another solicitors to enquire about doing a joint Will ( mirror will) , and after not being satisfied with the response and price quoted, we decided to try Bonallack & Bishop, and I'm glad we did, as we were instantly welcomed . The person at reception went to get a solicitor to explain things to us , and after listening to Kirsty, we decided to go ahead and book an appointment. The following week, we went on the appointment and we were both impressed with Kirsty . The draft was sent to us and it was just what we asked for . A few days later we went in to sign the will .Very impressed with the friendly service by all at this solicitors. Also it was £140 cheaper than the price quoted at the other solicitors ( off the London road) .Copies were sent within 24 Hours of us signing. A big thankyou to all at Bonallack & Bishop

Rosemarie Tait

16:29 03 Nov 19

Extremely happy with the service I received from Bonallack & Bishop Solicitors. Jake Holmes assigned to assist with my case was absolutely brilliant. He went the extra mile to make sure everything was correct and up to date before completion. I would most certainly recommend their service.

Mike Bishop

11:53 01 Nov 19

The purchase of the freehold for our property by Bonallack & Bishop was processed in a most professional, helpful and friendly manner.In particular the assistance and guidance provided by Jake Holmes has been second tonone.I would have no hesitation in using the services of B&B in the future.Mike Bishop

Mark Winsloe

18:42 07 Oct 19

I initially sought assistance for Conveyancing; John E provided me with excellent advice and guidance, keeping me fully informed throughout the process. I followed this with rewriting my Will and writing a LPA, when Joanna M gave me sage advice and was sensitive to the issues involved in both matters. Both processes were painless, and left me comfortable in my new home and knowing my future intentions were clearly, and safely, provided for. Thank you.

BJ Murphy

12:30 14 Sep 19

Andrew Nik

08:52 03 Sep 19

The first time I used B&B for my conveyancing they were very good. The second time they gave me two locums and told me there was no stamp duty to pay, then at the last minute hit me with the 3% charge. On top of which they didn't provide me with some documents and I had to chase them up. Finally I had a question, admittedly after everything was finished and they ignored me. I feel they could have just answered it, it would not have hurt.

Harriet Fleming

16:12 12 Aug 19

I worked with Jen Slater on a freehold purchase and she was excellent. Professional, knowledgeable and diligent. Highly recommeded for lease extension or freehold purchasing work.

James Bartlett

17:09 25 Jul 19

AlphaTradingFloor

16:10 23 Jul 19

We've used Bonallack & Bishop for a number of property transactions over the years and have found them to be attentive and highly professional. I have already recommended their service to others and have no doubt they will remain our first choice for future matters.

Will Hughes-Jones

18:11 20 May 19

Used Bonallack and Bishop in our house conveyancing. Everything was very clear and no stone was left unturned. The price was fixed and agreed prior to commencement and all went very smoothly. John was always available to offer advice and knowledge of the situation. Would highly recommend anyone looking for this service.

juli escritt

08:53 20 May 19

A huge thank you to John Escott for working so hard to ensure the sale of our house went through on time despite it being a complicated shared ownership property. His calm experienced approach kept all the wheels turning and me feeling in good hands. I would recommend Bonallack and Bishop as an excellent firm.

Jonathon Lyle

08:19 20 May 19

Dealt with the extension of a lease, very helpful and quick to answer questions. Highly recommended.

Phil

18:54 23 Feb 19

I have been in property professionally full time for over three years now and I have worked with many solicitors firms which included buying, selling and re-mortgaging both in personal and Ltd Companies. To date I have used six different solicitors firms with some average, some awful and some pretty good. But the team at Bonallack & Bishop outshined them all.I takes a lot to impress me and this is exactly what Jennifer and Louise did. I gave them a pretty difficult challenge as a new client. It was a cash buy of a short leasehold proeprty (23 Year left) with a very tight deadline to exchange and complete by Friday 25 January as the seller was moving abroad and was the bottom of the chain and would have lost £9k in penalties on his onward purchase . They had 6 weeks with Christmas 2018 & New Year 2019 in the middle and they pulled off the impossible.A few days before the projected exhange date a compulsory purchase order by the council was uncovered. Louise did a fantastic job of working with the council to get all the information regarding the CPO and gave me great advice on this issue.I did not know what a good solicitors firm could do and I always thought exchanging and completing in 28 days was a myth. The team at Bonallack & Bishop proved that this could be done.I will certainly will be recommending this firm a lot and using them again in the future.

Louise Atkins

20:27 03 Feb 19

The locum solicitor and conveyancing team were fantastic, quickly caught up with the situation and got the sale completed by the deadline. I cant thank them enough.

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I had need of the services of a solicitor to guide me through a Settlement Agreement. Bonallack and Bishop helped make the whole process as simple as it could be.

With their help and support we got everything sorted within 2 weeks which allowed me to get on with my life

Clive Bingham

Buying a Family Business – What To Watch Out For

Solicitors Experienced in Buying and Selling Family Businesses

6 things to watch out for when buying a family business

Buying and selling family businesses – the need for experienced legal advice

Buying a Family Business? Need Good Legal Advice? Call Us Now

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