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mlplaw’s Post

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1,633 followers

2mo

Ever wondered how transparency plays a crucial role in business? 🤔 It is often thought that speed is valued, but when it comes to business it can lead to costly mistakes 💰 Corporate solicitor Max McGenity outlines the importance of not rushing and being transparent throughout the Disclosure process. Stay tuned for more insights that could save your business from unnecessary pitfalls 👀💡 #BusinessDisclosure #Transparency

Transcript

In our opinion, the biggest mistake you can make when buying or selling a business is to rush the process. One of the key examples of this from a seller's perspective is speeding too quickly through the disclosure process. So it's part of the sales process. The seller has to make warranties, which are statements about the state of the business or company that they're selling. How many warranties you'll have to make depends on what the buyer wants to know about, but in general, they are quite extensive. You, as the seller, have the opportunity to disclose information that goes against these warranties, thereby qualifying them. So, for example, if you said that there aren't any current claims against the company that you're selling, and there are, you're able to disclose this to the buyer. Warranty has found to be untrue. Further down the line than the buyer will want to make a claim for breach of that warranty. If you've already made a disclosure to the buyer about this warranty, and the buyers accepted that you're protected, you're no longer liable. If you haven't said anything just in the name of pushing the deal along, you've opened yourself up for a claim in future that could have been avoided by fully engaging with the disclosure process.

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