Purchase & Sale of Businesses - Contracts of Sale
Unfortunately, most purchases and sales of business are not straightforward and there are many traps for the inexperienced or unwary.
Purchasing a Business
If you are purchasing a business, we can assist you with checking the contract of sale to ensure that it clearly defines:
- Exactly what you are purchasing and what may be excluded
- Whether due diligence issues have been addressed
- Tenancy issues relating to the transfer of an existing lease or a new lease
- Whether you are re-employing existing employees and proper adjustments of their entitlements
- That any valuable IP is properly transferred
- Any necessary conditions, for example in relation to finance
Selling Your Business
If you are selling a business, we can help with drafting the contract of sale to make sure that:
- An adequate deposit is paid
- Sufficient safeguards are in place regarding the payment of the balance of the purchase price, particularly if the full balance is not payable on settlement
- Proper documentation has been provided if the purchase price is under $350,000
- The purchaser has not been misled in any way, which could result in cancellation of the contract
The control of a business is sometimes also transferred by selling the shareholding in a company, or units in a unit trust which owns the business. We are experienced with such transactions and can assist in this area
Conveniently located in Melbourne’s Eastern Suburbs, call today for advice.
Give us a call today and we'll be happy to chat to you or you can email us.