Buying or Selling a Business
Are you buying a new business, or selling your existing business? Read on, as this article will be helpful for you.
Business Transactions
If you’re buying or selling a business, you have come to the right place. We have experience in a wide range of business transactions, such as restaurants, cafes, massage and beauty shops, private schools and institutions, medical clinics etc.
Our commercial lawyers will have an initial consultation with you, and provide you with preliminary legal advice. Every business is different, and we want to give you the advice that you need. We will guide you through the contract, carry out due diligence on your behalf and attend settlement for you. Contact us and book your appointment!
Buying a Business
We always strongly recommend that you talk to us for legal advice before you sign a contract. This is because it is difficult, and sometimes costly, to amend a contract that has already been executed.
Whether it is legal advice, or you want some general commercial advice regarding negotiations with the seller, we will be able to help you!
Once the contract is signed, we will carry out due diligence for you. Due diligence is an important process when buying a business. It allows you to discover all the potential issues hidden inside a business, before you are fully committed to purchase it. It also gives you the opportunity to verify the amount of profit the business is earning. It discloses all the legal documents which you are about to be bound in with the business. Our legal team will help you through this process.
We aim to provide excellence in our service. We care about our clients, and we care about your business.
Some examples of business transactions that we do
- Restaurants
- Cafes, Fish & Chips and Bakeries
- All sorts of food retailing, dine-in and takeaway
- Supermarkets and Grocery stores
- Massage shops
- Wholesale and manufacture
- Schools, tertiary study institutions
- Medical centres
- Printing shops
- Mobile phone & accessories shop
- Cleaning companies
We will protect your rights and guide you through the transaction.
Selling a Business
We know our clients and we understand how to handle business sales. We will be able to advise you through your sale, draft necessary documents for you and take away your legal stress.
We encourage you to book an initial consultation with us and tell us about your business. Every business is different so it’s important that you discuss your needs with us. Are there any conditions that you need to include in the contract? How soon do you want settlement to be? Have you begun negotiating with the buyer? Contact us and we will happily discuss these with you!
Put your legal burden on us, we will carry it for you.
What are some of the most common things to be aware of in business transactions?
- Drafting the contract – you should seek legal advice before signing a contract. The terms and conditions that you need must be included in the contract before it is signed.
- Finance condition – is the buyer seeking finance? If the contract is subject to a finance condition, that usually means the buyer may terminate the contract without penalty if the loan application fails, unless the contract says otherwise.
- Due Diligence – is the contract subject to due diligence? Under due diligence, the business’ finance and contracts should be disclosed and be examined by your lawyer.
- Trial Period – is there a trial period under the contract? What is the buyer allowed to do within this period? This depends on the needs of both the buyer and the seller.
- Training Period – is there a training period? This is where the seller spends time to train the buyer to properly operate the business. What is the responsibility of the seller and what powers do the buyer has?
- Goodwill – does the purchase price include Goodwill?
- Stock in Trade – how much stock in trade is there in the business? Will there be stock-taking before settlement?
Use our legal service
Contact us now and speak to our professional team.
Call us on 07 3344 2888 or email us at info@timeslawyers.com.au to engage a lawyer now!