PREGUNTAS Y RESPUESTAS: Comprar y vender una empresa

A comprehensive legal resource for business owners, directors and investors 

Mergers, Acquisitions and Business Sales — what every buyer and seller needs to know 

P. ¿Cuál es la diferencia entre una venta de acciones y una venta de activos? 

This is one of the most fundamental questions in any business acquisition and the answer has significant tax, legal and comercial consequences for both parties. 

In a share sale, the buyer acquires the shares in the target company. The company itself — with all its assets, liabilities, contracts, employees and history — continues to exist under new ownership. The buyer steps into the seller’s shoes as shareholder. Because the company is unchanged, all existing contracts, licences, leases and normativa approvals typically transfer automatically. 

In an asset sale, the buyer acquires specific assets of the business — its goodwill, equipment, stock, intellectual property, customer contracts and so on — but does not buy the company itself. The buyer creates a clean break, taking only what it wants and leaving behind unwanted liabilities. However, contracts, licences and leases must each be individually novated or assigned, and employees transfer under TUPE (the Transfer of Undertakings (Protection of Employment) Regulations 2006). 

Las principales diferencias en la práctica: 

• Por lo general, los vendedores prefieren la venta de acciones: es un proceso más sencillo, los tipos impositivos sobre las plusvalías pueden ser más bajos y puede aplicarse la desgravación para emprendedores (ahora denominada ’desgravación por enajenación de activos empresariales»). 

• Buyers often prefer an asset sale — they can cherry-pick assets and leave historic liabilities (such as tax disputes or employment claims) behind. 

• Third-party consents are generally not required in a share sale but may be needed in an asset sale where contracts contienen change of control or assignment restrictions. 

• SDLT (Stamp Duty Land Tax) applies on land transfers in an asset sale; stamp duty at 0.5% applies on shares in a share sale. 

P. ¿Cuál es el proceso habitual para vender una empresa en Inglaterra y Gales? 

The sale of a private company in England and Wales typically follows a broadly consistent process, though the timeline and complexity will vary significantly depending on the size of the business, the number of parties involved and whether the deal is a negotiated sale or a competitive auction. 

Las etapas principales son: 

• Preparation: The seller prepares the business for sale — organising financial information, instructing solicitors and (usually) a corporate finanzas adviser or broker, and preparing an information memorandum for prospective buyers. 

• Marketing and buyer identification: The business is presented to prospective buyers, either through a targeted approach or a wider auction process. Non-disclosure agreements are signed before detailed information is shared. 

• Heads of terms: Once a preferred buyer is identified, the parties agree a set of heads of terms — a non-binding summary of the key commercial parameters of the deal (price, structure, timetable, exclusivity). 

• Due diligence: The buyer investigates the target company thoroughly — reviewing financials, contracts, employment arrangements, propiedad, IP, tax position, regulatory compliance y litigation history. Due diligence typically takes four to eight weeks for a mid-market transaction. 

• Negotiation and documentation: While due diligence is ongoing, solicitors draft and negotiate the share purchase agreement, disclosure letter, and any ancillary documents (tax covenant, board minutes, service agreements, restrictive covenant deeds). 

• Exchange and completion: The SPA is signed and, simultaneously or on a later date, the shares are transferred and the consideration is paid. Post-completion adjustments (such as completion accounts or working capital adjustments) may follow. 

Una operación sencilla suele tardar entre tres y seis meses desde la firma del acuerdo preliminar hasta su finalización. Las operaciones complejas en las que intervienen varias partes o aquellas que requieren autorizaciones reglamentarias pueden prolongarse considerablemente más. 

P. ¿Qué es la diligencia debida y por qué es importante? 

La diligencia debida es el proceso mediante el cual un comprador investiga la empresa objetivo antes de comprometerse a realizar la compra. Constituye la principal oportunidad que tiene el comprador para comprender qué es lo que está adquiriendo, así como para identificar los riesgos, las responsabilidades y los problemas que podrían afectar al precio o a la estructura de la operación. 

La diligencia debida jurídica suele abarcar: 

• Estructura societaria: revisión de los documentos constitutivos de la empresa, del registro de accionistas y de la estructura del grupo. 

• Contracts — examining material customer, supplier and third-party contracts for change of control provisions, termination rights and unusual obligations. 

• Employment — reviewing employment contracts, bonus schemes, pension arrangements and any employment disputes o tribunal claims. 

• Property — examining leases, freehold titles, and any planning or environmental issues. 

• Propiedad intelectual: verificación de la titularidad de los activos clave de propiedad intelectual, marcas registradas, nombres de dominio y licencias de software. 

• Fiscalidad: revisión del historial fiscal de la empresa, su historial de cumplimiento normativo y cualquier investigación en curso por parte de la HMRC. 

• Litigios: identificación de cualquier procedimiento judicial en curso o inminente. 

Due diligence findings inform the warranty and indemnity negotiations in the SPA. Matters that are identified and disclosed by the seller may qualify the warranties, meaning the buyer accepts the risk of those matters. Issues that are not disclosed but later come to light may give rise to a warranty claim. 

Un proceso exhaustivo de diligencia debida es esencial para los compradores. Escatimar en la diligencia debida —especialmente en un proceso competitivo— puede dar lugar a la adquisición de pasivos que no se habían previsto y respecto a los cuales el comprador no dispone de ningún recurso contractual para su recuperación. 

P. ¿Qué son los «Heads of Terms» y tienen carácter vinculante desde el punto de vista jurídico? 

Heads of terms (also called a letter of intent or memorandum of understanding) are a written summary of the key commercial terms that the parties have agreed in principle before the formal legal documentation is drafted. They typically cover the price, payment structure, the identity of the seller and buyer, any deferred or contingent consideration, conditions to completion, and the proposed timetable. 

In English law, heads of terms are generally not legally binding as to the principal commercial deal — they are a record of where the parties have got to, not a contract of sale. However, specific provisions within the heads of terms are often expressed to be legally binding, including: 

• Exclusividad: el compromiso del vendedor de no ponerse en contacto con otros compradores durante un periodo determinado. 

• Confidencialidad: obligaciones recíprocas de mantener la confidencialidad de los términos del acuerdo propuesto. 

• Costes: un acuerdo por el que cada parte asume sus propios costes (o, en algunos casos, por el que el comprador paga una indemnización por rescisión si se retira del contrato). 

El hecho de que los términos preliminares no sean, en gran medida, vinculantes no significa que carezcan de importancia. En la práctica, las condiciones comerciales acordadas en la fase de los términos preliminares son muy difíciles de renegociar durante el proceso jurídico sin que ello suponga un coste significativo en términos de buena voluntad. Por lo tanto, es fundamental que ambas partes soliciten asesoramiento jurídico antes de firmar los términos preliminares, y no después. 

P. ¿Qué es un «earn-out» y cuándo se utiliza? 

An earn-out is a deferred consideration mechanism by which part of the purchase price for a business is contingent on the future financial performance of the acquired company after completion. Rather than paying the full price on day one, the buyer agrees to pay adicional consideration if agreed revenue, profit or other performance targets are met over a defined period (typically one to three years post-completion). 

Las cláusulas de pago en función de los resultados suelen utilizarse cuando: 

• There is a valuation gap — the seller values the business at a higher level than the buyer is willing to pay on day one, and the earn-out bridges the difference. 

• El negocio está creciendo rápidamente: una cláusula de ganancia adicional permite al vendedor beneficiarse de la revalorización que había previsto, pero que el comprador no estaba dispuesto a pagar por adelantado. 

• Key person risk is high — if the business value depends heavily on the founding management team, an earn-out incentivises them to remain and perform post-completion. 

Earn-outs can be a source of significant dispute post-completion. Common areas of conflict include how the earn-out metrics are calculated, whether the buyer has operated the business in a way that artificially suppressed performance, and what accounting policies apply. Careful, detailed drafting of the earn-out mechanics — and specific protections for the seller regarding how the business is managed during the earn-out period — is essential.