Do I need to appoint a legal adviser?
A: Most sellers and purchasers of a business do not appoint a legal adviser until a very late stage. It is to the advantage of both a seller and a purchaser to appoint a legal adviser at a much earlier stage in the process. The legal adviser can provide advice on how to approach a business sale and or purchase and how to deal with the due diligence process prior to contractual documentation being drawn up. This can save an awful lot of time, effort and agony on both sides.
If a purchaser and seller are agreeing heads of terms, a legal adviser should always be brought in to review the heads of terms to ensure they are effective and cover the issues that need to be covered prior to contractual documentation being drafted.