When looking to buy or sell a business, it is important to ensure that you have a team of advisers ready to support you through the sale to ensure that you are protected throughout the sale process and at the conclusion of settlement. However, in order to ensure a successful transaction, it is important to ensure that you and your team of advisers maintain commercial awareness throughout the process. This is referred to as being commercial about the pharmacy sale.
Typically, it is most important to ensure that your solicitor is commercial in their dealings in order that the transaction maintains momentum. One of the better summations of commerciality I have come across from a solicitor is as follows:
Commerciality is about getting your client from A to B with a minimum of fuss. Sometimes that isn't in the way the client first envisaged, but the role of a solicitor isn't supposed to be that of a regulator or applications officer, it is as facilitator. Some lawyers we deal with just sit in meetings and say "we can't do that" and end the sentence there, whereas others would say "well, we might not be able to do that, but we can get the same result by doing this instead".
In summation, commerciality is understanding business and how to best approach the opportunities as they present themselves. At the end of the day, the success of a sale is not only in ensuring that the client is protected - but that the client is protected AND the deal is done. The best advisers for real-estate based services are business minded and understand the commercial context in which they provide legal advice. It is important for these advisers to understand and address not only their clients' legal needs, but also the business needs and wider environment in which those clients operate.
Commercial awareness is being able to apply common sense to solve a business issue or problem. Business sales are not black & white and often require different approaches to ensure the correct outcome. A commercial adviser will be able to adapt to these situations to ensure you achieve your objectives in the transaction - be as the buyer or seller.
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Being Commercial About Pharmacy Sales
This post was originally published on Attain Business Broker's Blog.
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