At Singleton Reynolds, our people are what makes us great. We come together every day with the common goal of providing exceptional legal services and ensuring we go above and beyond for each and every client.
The range of backgrounds of the partners, counsel, associates and staff of Singleton Reynolds enables us to offer a broad range of services.
Singleton Reynolds’ lawyers spend a significant amount of time researching and thinking about how industry or legislative changes could affect your business.
Singleton Urquhart Reynolds Vogel LLP is recognized as a leader in construction and infrastructure, insurance, commercial litigation, real estate and business law.
Singleton Reynolds has offices to serve you in Vancouver and Toronto.
Singleton Reynolds believes in community. Our team members are teaching at Canadian universities and abroad, lecturing the next generation of lawyers.
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Recognizing the leadership that contributes to the company successes.
Singleton Reynolds prides itself in being a leader in corporate social responsibility. We encourage diversity, charity, mentorship, civic dedication and neighbourhood support.
Singleton Reynolds strives to understand the balance between your career and your personal goals and encourages our legal and operations staff in the pursuit of their interests outside of the firm.
We are always on the lookout for talented professionals to contribute to our team. Singleton Reynolds offers a professional and challenging work environment, with a competitive compensation and benefits package.
Our goal is to develop strong lawyers from student right through to partner. Mentoring and training start when you are a student and continue throughout your practice.
This is the first installment in an ongoing series of articles providing practical information about all things business.
So, you’re thinking about selling your business… Maybe you’ve been approached by a potential buyer; maybe you’re thinking about speaking with a business broker; or maybe you’re looking to retire or try something new. If so, there are some key things you should be thinking about at the beginning of this journey.
Having assisted with both the purchase and sale of businesses, we have found these three tips to be incredibly useful to clients:
This process gives a potential purchaser the opportunity to review all the details about your business. It covers everything from your legal organization, all your key agreements, your employment agreements and your insurance to your financial status. You could describe it as an intimate, get-to-know-you, do-I-like-you? phase. And the key to it all—getting organized. This means finding all of the above documents (including all signed copies), and having them easily accessible and organized. If possible, make them available in a PDF and/or scanned format. Also, you need to think about who you are disclosing your information to—are they are a competitor? Is it a fishing expedition? In getting organized, you are also looking at confidentiality, and processes to protect your information, as outlined below.
Selling your business involves every aspect of your business, so it involves all your key team members, even for the preliminary steps of getting organized before the sale. Your team of advisors can include your lawyer, accountant, bookkeeper, insurance agent, banker, financial advisor and more. Having that list of people ready to assist by starting early with the necessary lines of communication is important for a smooth beginning in any sale transaction. That said, if you are looking at a letter of intent or a document setting out basic terms of the transaction, it is important to have your lawyer and accountant involved at that time. Often there are agreed terms which can be difficult to go back on if they are key to the deal, and have implications you would not be aware of without legal or accounting advice.
In this age of electronic transfers and information sharing, it is vital to know what your obligations are and how to protect your information as well as the personal information you are responsible for under current privacy legislation, such as that of your employees. One of the very first documents you are likely to see is a confidentiality/non-disclosure agreement. This should not be treated like a cookie-cutter document. Any confidentiality/non-disclosure agreement needs to be tailored to your individual situation so that it considers the type of business, the type of information being shared and the jurisdiction.
Each business and business owner is unique. If you’re thinking of selling, the distinctive qualities of both you, as the owner, and your business need to be independently analyzed and discussed. Getting organized early will save time, stress and, above all, cost.
In our next article, we will discuss in more detail confidentiality and non-disclosure in the due diligence process—issues to consider, how to manage your confidentiality, and how to create processes to protect your information.
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