Things to Remember When Buying an Optical Business

Finance

Clarify from the outset what security any funder will be requiring to ensure there are no delays moving forward.

Property Aspect

Clarification as to whether you are taking over the existing Lease or having a new Lease negotiated directly with the Landlord. Agreeing the terms as to how the business premises is going to be dealt with at the outset will save a lot of time as the transaction unfolds.

Share Sale or Asset Sale

Clarify with the seller or agent from the outset as to whether the transaction is to be a purchase of the shares of a limited company or whether it is going to be a purchase of the certain assets.

NHS Contract

It is imperative that certain provisions are included in the Sale Contract obligating the seller to keep the existing NHS Contract in place for a certain period of time after completion. This will then allow you sufficient time to obtain your own NHS Contract and to continue with NHS work during the transitional period.

There are certain nuances to the optical industry and it is important that you have legal representation which is experienced with dealing with the differences to typical business transactions.

If you require any assistance, please do not hesitate to contact Andrew Foley Jones on afj@macjones.com.