Do you need help with business sales or purchases on the Sunshine Coast? While business sale contracts can be complex, we can do the cumbersome legal work for you.
If you want to start, buy or sell a business, there are many factors to consider.
Who is selling and who is buying?
Getting the structure right when buying a business is of utmost importance, so sensible and timely legal advice is critical. Ask yourself these questions:
- Should I own the business or should my spouse?
- Should I use a family trust? If so, who or what should be the trustee?
- Is a company best suited for this business?
These are questions that cannot be answered in isolation, so talk to us about your business structure before entering any contract.
What am I buying and what is being sold?
- Am I buying the business or am I buying shares in the company that owns the business?
- Is there a list of assets?
- If the photocopier is on a lease, do I have to take over the lease?
- Ifhe seller wants to keep their laptop, should they?
- Does the purchase price include stock?
- Who gets the work in progress (existing contracts)?
Our experience with all of the above questions can guide you through the process of making sure the business sale contract is what you need, expect and understand!
What is the intellectual property?
- What happens to the business name?
- If I trade in my company, do I have to change its name?
- Are the website and domain included? Do the email and phone get transferred?
Is there a lease on the premises?
- If so, can it be assigned to the buyer?
- I am a buyer with my own shed. Can the lease be terminated?
- What is a Retail Shop Lease?
- I have sold the business. Am I still liable as a guarantor?
Will the buyer get finance and do I need finance?
- What is a PPSR charge?
- Should my spouse be a guarantor?
- Will the bank want extra security?
- Should the seller consider vendor finance?
What is due diligence?
- Should I get my accountant involved?
- What checks should I do and what should my lawyer do?
What are the tax considerations?
- Is the sale a “going concern”? If so, what does that mean?
- Does the purchase price include GST?
Is there a franchise agreement?
- Is there a first right of refusal?
- What are my obligations?
- Do I need to buy stock from someone?
- What is the franchise fee?
Andrew has dealt with all these questions and regularly finds creative solutions to them. Contact us today for a free initial consultation and quote.
Andrew Gardiner Law
Business Sales, Mergers & Acquisitions | Client Case Studies
Professional Services Firm
A client selling a professional services firm had specific needs regarding future employment.
Because we took the time to understand what was important to our client, it was possible for negotiations to be specific in some areas and flexible in others.
A buyer of a small takeaway food shop had previously operated this sort of business. While they knew how to make burgers, they had cash flow issues.
Knowing our client’s position allowed for frank discussions with vendors and landlords as to which up-front payments were needed.
A sale of a franchise retail shop in the Sunshine Plaza always brings with it the potential heartache of national landlords and national franchisors with their competing interests.
Before the matter started, we informed the client as to what was a realistic timetable to deal with these players. As such, we framed the contract accordingly and the matter settled in the time period.