Services de fusions et acquisitions
Growing your business can be achieved through various strategies. While some opt for organic growth by winning tenders, expanding premises and workforce, and increasing turnover capacity, this approach can be slow. Alternatively, direct acquisitions or mergers with complementary and similar businesses can lead to more rapid growth.
At Ronald Fletcher Baker, we understand that clients have varying levels of experience with the legal aspects of buying, selling, or disposing of a business. Whether you are well-versed in these matters or seeking specialist advice for the first time, our award-winning team is here to assist. We have successfully advised numerous clients on business sales and purchases, ensuring you receive expert guidance tailored to your situation.
Notre approche
We collaborate closely with clients, accountants, and financiers to identify risks and find the right solutions, all while keeping matters on budget and on track. Our reputation for providing sound legal advice is matched by our approachable and pragmatic manner. With offices across London and other key lieux, Nos avocats spécialisés en fusions et acquisitions possèdent une vaste expérience dans le conseil aux entreprises de divers secteurs en matière d'acquisitions et de cessions d'entreprises.
Comprendre les acquisitions
An acquisition involves one business acquiring another, typically through either a share purchase or an asset purchase.
- Achat d'actions: Acquisition de la totalité du capital social d'une autre entreprise, qui conserve l'ensemble de ses activités, de ses actifs et de ses affaires. Cela peut conduire à la formation d'un groupe, l'entreprise cible devenant une filiale de l'acheteur, tout en conservant l'ensemble de ses actifs et de ses passifs.
- Achat d'actifs: Acquisition d'actifs et de passifs spécifiques d'une autre entreprise, permettant l'acquisition sélective d'éléments de valeur sans prendre en charge l'ensemble de l'entité.
In contrast, a business sale or asset acquisition involves acquiring either select assets or all of the assets that comprise the business, rather than buying the entire share capital of a company.
Quelle est la meilleure solution : achat d'actions ou achat d'actifs ?
- Achat d'actions: This method maintains continuity of business operations, with all customers, terms and conditions, employees, propriété, etc., staying in place. However, it also retains liabilities, making due diligence crucial. Extensive warranties and indemnities in the contract are necessary to address any undisclosed or unexpected liabilities, particularly regarding tax, as you va inherit the company’s historic tax position.
- Achat d'actifs: This can be more disruptive, requiring the transfer of all assets, assignment of contracts, transfer of property, and compliance with relevant legislation (commonly referred to as a TUPE transfer). However, it allows for selective acquisition of assets, reducing liability risks. Due diligence remains important to ensure you acquire everything needed to run the business.
En fin de compte, la voie à suivre dépend de la propension au risque de l'acheteur et des intentions et besoins commerciaux de la transaction.
Comprendre les fusions
Une fusion diffère d'une acquisition en ce sens qu'elle implique la consolidation de deux entreprises en une seule. Elle peut prendre différentes formes, comme une acquisition initiale suivie d'une prise de participation de l'actionnaire vendeur dans l'acheteur, un transfert d'actifs au sein du groupe ou la création d'une société holding qui acquiert des parts dans les deux entreprises pour créer une structure de groupe.
The key to a successful merger is getting the right structure for the business and ensuring it reflects how the business wants to operate post-completion. The commercial structure should be considered alongside legal and tax implications, with clearance from HMRC potentially required to avoid unexpected tax consequences.
Due diligence is essential in a merger, with both parties conducting thorough investigations to ensure a smooth transition.
Pourquoi entreprendre une acquisition ou une fusion ?
An acquisition or merger can rapidly expand your business, providing equipment, staff, premises, and key customers. It offers enhanced exposure and instant access to an expanded business, often more quickly than organic growth. For example, acquiring a distribution arm can provide direct benefits beyond existing agreements.
Les acquisitions ou les fusions peuvent également permettre d'élargir votre offre de services ou d'introduire des aspects de votre activité en interne, en acquérant une expertise qui améliore vos opérations existantes. Par exemple, une entreprise de construction peut acquérir une entreprise de grutage pour desservir ses projets et offrir des services de grutage à d'autres.
Les inconvénients des acquisitions ou des fusions
Transactions carry risks, mitigated by due diligence, indemnities, and warranties but not eliminated entirely. They can be unsettling, particularly in asset-only or business acquisitions, requiring smooth integration and synergy between businesses. Workplace culture alignment is crucial to avoid a failed transition.
Funding is a key factor, with upfront costs for purchases, taxes, and professional fees. Choosing the right target is essential to avoid significant financial outlay without long-term benefits.
Pourquoi avez-vous besoin d'un avocat spécialisé en droit des sociétés et en droit commercial ?
L'expansion de votre entreprise par le biais d'une fusion ou d'une acquisition comporte des risques élevés. Votre avocat vous aidera à :
- Diligence raisonnable: Beyond commercial due diligence, understanding the legal structure, contractual relationships, compliance, and transaction impact.
- Contrats: Preparing and negotiating binding documents, including share purchase agreements, business sale agreements, board minutes, resolutions, formal notices, waivers, assignments, property transfers, Companies House returns, powers of attorney, and indemnities.
- Divulgations: Reviewing and advising on formal disclosures from the seller, typically in a Divulgation Letter, to notify the buyer of matters incompatible with warranties sought.
These are just a few examples of the assistance your solicitor will provide. They will consult with you throughout the process, discuss various options, work with your other professional advisors, comment on tax clearance from a legal perspective, produce heads of terms, advise on funding and security documents required, and assist with post-completion matters such as aligning contracts, handling any staff restructures resulting from the deal, and moving assets within the group if needed.
When choosing a solicitor, ensure you engage with a firm that has the required rounded business expertise to support each aspect of your transaction, understands the industry and any idiosyncrasies, and can work with you and your other professional advisors to take a commercial approach, understanding the bigger picture and your ultimate goals.
The Company and Commercial, Emploi, et Propriété commerciale Les équipes de Ronald Fletcher Baker sont idéalement placées pour vous conseiller et vous assister dans vos projets d'acquisition ou de fusion. Nous travaillons ensemble et avec vos autres conseillers professionnels pour vous assurer tout le soutien dont vous avez besoin pour votre transaction.
For a confidential and no-obligation initial discussion about how we may be able to help, please contact les Entreprise and Commercial team on 020 7613 1402.
