During the process of selling a business, Due Diligence can be one of the most stressful points. If you are looking to acquire a company or business, it is crucial that you make sure that all facts about the business have been officially and properly verified. Hire our consultants to do due diligence for you.
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Along with the business financial diligence, there are important considerations that should be made regarding commercial properties that are owned by the company you are interested in. The health and safety policy, environmental record and intellectual property of a company should be considered. The Accountancy Solutions can help you with all aspects of due diligence involved in the purchase of a company or business; so contact us today for more information.
Understanding Due Diligence
Due Diligence was originally and primarily used in banking and is best explained as being the process of thoroughly enquiring before any time and money are invested in a prospective acquisition. It is crucial, therefore, when investing significantly in a company, that all necessary checks have been made to ensure that the information provided by the individual selling a company is accurate. If you are interested in purchasing a particular business, there is legal, financial and accounting due diligence you should carry out. While accounting and financial diligence involve the consideration of tax issues, cash flow statements, balance sheets and similar things; legal due diligence involves:
- Identifying the seller and their ownership.
- That the seller provides details of any threatened or existing court proceedings.
- Determining if the company has any pension schemes and if the current employer is contributing to it. If there isn’t one already in place, it could be a good idea to establish one.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
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