Choose your asset purchase lawyer with confidence
Compare fixed fee quotes from specialist asset purchase lawyers. Save 46% on average.
You might be ready to buy or sell the assets of a business and keen to define the terms and conditions of the sale. Perhaps you want to buy the machinery of another business, without buying any other part of their business. Perhaps you want to sell your company’s customer database but none of the other parts of your business.
An asset purchase agreement sets out the terms and conditions of the sale or purchase of a company’s assets. The differences between an asset purchase agreement and share purchase agreement are explored in our buying a business article.
Here we look specifically at what you’ll need to know before you talk to your lawyer about your asset purchase agreement.
“Quick, straight to the point, great quotes, found just what I was looking for in a few hours.”- Vincenzo Antignano
Get 3 handpicked quotes from our legally trained team
A free no obligation discussion with our lawyers
An asset purchase agreement details terms such as purchase price, conditions, and escrow terms. You can also include an inventory of the assets. In an asset purchase agreement, both buyer and seller agree to the specific terms.
As the buyer, your lawyer will generally prepare the first cut. It should describe exactly which assets are being bought, such as machinery, stock, customer/supplier contracts, premises and intellectual property. You’ll also list out the assets that are not being purchased. The buyer's lawyer normally prepares the asset purchase agreement because they will want to ensure that the terms of the asset purchase agreement protect your investment.
An asset purchase agreement covers the following sections:
We handpick and interview every lawyer.
Lawyers from top-tier law firms at a fraction of the price.
Get multiple quotes within 24 hours.
An international network spanning 53 jurisdictions.
With an asset purchase, the buyer may be selecting only specific assets, leaving behind redundant assets. The basic difference between an asset purchase agreement and share purchase agreement is this itemisation of assets included and excluded in the purchase. (During a share purchase, such itemisation is not necessary as the company's ownership transfers as is, although there may still be terms in the SPA in relation to key assets.)
A standard asset purchase agreement will also generally cover:
Where business premises are involved in the purchase, you’ll also need:
Find an expert.
There are commercial solicitors that specialise in buying and selling businesses – take your time to ask them: “How many businesses have you helped your clients buy? How many were in the same or similar sectors as the one I’m looking at?” Be particularly vigilant if it’s an asset sale involving property. Drill down on their property expertise or how they’ll handle this component of the transaction if they themselves don’t have the expertise.
Get a fixed fee quote.
Any experienced solicitor who has completed enough business purchases can easily estimate a reasonable figure. They’ve seen it all. They know exactly what’s in and out of scope. And they’ll be able to clearly explain not only their own professional fees, but also any ‘disbursements’ such as government fees, taxes, search and filing fees that come with buying a business.
“The service has been totally user friendly. The world of the law can be daunting for those of us not in the know and Lexoo's approach has been relaxed and reassuring.”- Peter Ford
Here’s a typical example of a client buying a business and looking for a commercial solicitor through Lexoo:
“I am buying a microbrewery and purchasing the equipment, stock, trading names and intellectual rights. We have agreed the purchase price and have a draft heads of terms. We need a solicitor to check these and the sale contract.”John is a specialist business lawyer on Lexoo, who’d fit perfectly for this client. A lawyer with over 20 years experience, and with previous posts at a top international law firm and as a director at a top 100 law firm, John is a Chartered Legal Executive and the Partner in charge of Commercial Property and Commercial matters at his firm. He has extensive knowledge of the delivery of legal services across a broad range of Property and Commercial transactions. Looking for help with your commercial lease? Read more here.
"I've always felt that a model like Lexoo's should work in legal. Lexoo enables us to connect with smart, effective lawyers that we wouldn't have been connected to before, and that absolutely helps our team achieve what we want to achieve."
“Lexoo is a great way to source and engage quality lawyers, worldwide. We have used Lexoo for a variety of work, from getting quotes for one-off pieces of advice to helping us take on a 12 month maternity leave cover. Highly recommended!”
“Lexoo's impressive service allows our team to quickly find and work with quality lawyers in foreign jurisdictions without having to rely on international firms and their associated costs. Highly recommended!”
Lexoo offer a range of lawyers with different expertise in different geographies. We have used Lexoo for wide-ranging jobs e.g. Czech finance agreements, Colorado law employment matters, to California law corporate work, all at incredible rates compared to larger firms.
“I head up the legal team at babylon, and we’ve been using Lexoo to find lawyers for different areas of law including employment and data protection. We received quotes from sole practitioners, boutique firms and larger outfits, allowing us to find the right lawyer for our needs.”
“An efficient, flexible solution for in-house lawyers. Lexoo quickly found us external support to help with our increasing workload. We were quickly matched with an ex-magic circle lawyer with tech experience. Great service!”
“I have used Lexoo for ad hoc legal queries and have found their network of lawyers to be reliable and cost-effective."
“I placed an enquiry on Lexoo, including a brief overview of our legal matter. Very quickly I received detailed quotes from three commercial property specialists. I was impressed with each lawyer’s credentials and felt confident that I would be in safe hands.”
“As General Counsel of a regulated financial technology company I regularly rely on external counsel. The Lexoo lawyer we were introduced to is highly experienced, knowledgeable, responsive and within reach of our budget.”
“Lexoo is an excellent resource for cost-conscious in-house legal teams. We rely on them for quick and effective introductions to high quality specialist lawyers.”
“Lexoo saved us a lot of time and money. It gave me peace of mind knowing that Lexoo would only let specialised solicitors quote. Seeing multiple quotes gave me a real idea of what the normal price range is."