Looking at buying a business? You need to know that you have the right team behind you. Having a diligent legal advisor can make all the difference when it comes to buying a business.
Looking at buying a business?
Get the right advice from the start!
Your legal advisor can draw up the Sale and Purchase Agreement or look over this for you before signing. You will need to give consideration to:
- GST – don’t leave this until it’s too late! Take advice from your accountant at the start;
- The purchase price (tangible assets, intangible assets, stock);
- The deposit – when is this paid?
- Restraint of trade;
- Vendor’s assistance period;
- The condition of the premises, the lease & any renewals;
- Conditions (such as due diligence, finance and landlord approval);
- Apportionments;
- Employees – what do you need to cover?
- Contact number, website, branding;
- Chattels.
Our team can help!
Our experienced team are here to ask the right questions (that you may not know you need to ask!). We will:
- Review the lease and renewal documents. We can facilitate landlord approval and an assignment of the lease by settlement;
- Discuss with you the ownership options such as nominating a Company as Purchaser;
- Assist with your financing requirements. We can liase with your bank or broker and help you work through any finance conditions. We will explain to you what your bank’s security requirements are (general security, guarantees and mortgage security);
- Draft Company resolutions;
- Make all necessary checks to make sure all of the assets you are purchasing are debt free!
- Advise you in relation to taking over any employees, what your obligations are as employer and assist in preparing employment contracts;
- Retention of funds to cover the final stock-take.
Get the right advice from the start! Contact us today
If you are looking at purchasing a business, contact one of our experienced team today. Ensure no step in the process is missed by getting the right legal advice from an expert from the start.
