A new app launched by Vertex Law has been designed to help people understand how a corporate transaction works – and some steps they can take to avoid making costly mistakes.
Known as Vertex Law Transact, the app takes users through a series of questions designed to highlight some of the key issues that they need to consider. A free summary report is available at the end plus there is a glossary of terms as well as FAQs covering issues such as valuations, funding and dealing with potential buyers/sellers.
Salim Somjee, a partner in the Corporate Team at the Kent-based firm, who has extensive experience of helping clients buy and sell businesses and the types of issues that need to be dealt with, has worked with an external design team to put together the interactive tool.
“Vertex Law Transact has been developed to help people who do not have experience of a corporate transaction, to provide an introduction to how they work, as well as provide a refresher for those who may not have been involved with one for a while,” he said.
“At the very least I hope this app will save people some money on their legal fees. It will reduce the time lawyers need to spend on explaining the basics of a corporate transaction and give users better value for money from their expert advisers.
“In addition, though, giving would-be buyers and sellers this core information can also help them avoid mistakes at an early stage that can end up costing them dearly at a later date.
“We often come across situations where people have agreed on something that would appear to be totally innocuous without realising the full implications of what they have done.
“Unpicking those early commitments is then a time-consuming, expensive and often confrontational process, and using this app can provide the prior knowledge to help prevent these types of errors happening.”
Vertex Law Transact can be downloaded for free, without obligation, from the App Store.