When The Numbers Are Fine And The Solicitors Are The Problem
A goodwill purchase held up by legal delays, not finance
Hi there,
Here is something people do not always expect from a finance broker. Sometimes the finance is the easy part, and the job becomes making sure everyone else keeps moving.
A dentist in the North West had agreed to buy the goodwill of a local practice, as part of a deal that also included some property. The numbers were solid. There was nothing wrong with the deal itself.
What slowed things down was the solicitors. Delays on the legal side pushed the completion date back further than anyone wanted, and that kind of thing is frustrating even when you know the finance is not in question.
Our finance team kept in touch with everyone involved throughout, made sure momentum did not stall completely, and kept the finance firmly in place while the legal side sorted itself out.
We got there. Around £200,000 secured, and the client finally took ownership of a practice they had worked hard for.
I tell clients this often. The job does not end the moment the finance is agreed. It ends when you actually own the practice.
If solicitor delays are testing your patience on a goodwill purchase, at least know your finance is one thing you do not need to chase. Reach out to our finance team and let them take that off your plate.
Speak soon,
Arun