BUYING AND SELLING BUSINESSES

Hunter Legal & Conveyancing possess a professional team who handle conveyancing on a regular basis. Our goal is to help people buying and selling businesses efficiently, so our clients can relax and focus on their day to day.

We work alongside our clients to strategise the transaction, with a focus on positive long term outcomes. We appreciate that selling or buying a business will have a significant effect on our client’s livelihood, thus we will endeavor to safeguard this.

Conveyancing Lake Macquarie

We are experienced in dealing with the Conveyancing for businesses of any size or industry, such as medical, agriculture, education, tourism, retail, catering and trade services.

In addition to locating a licensed Conveyancer or Solicitor, anyone planning to buy or sell a business may also consider

  • Deciding on a purchase price.
  • Deciding whether a financial planner, broker and/or business advisor is required.
  • Understanding the value of the business. Which is largely, calculating the value of the assets, current and future revenue, goodwill and expenses (such as GST CGT, liabilities).
  • Maintaining awareness of the upcoming negotiations. This will usually revolve around deposit amount, settlement length, handing over the business (i.e. training the new owner on certain systems) and special conditions in the Contract of Sale.
  • Planning how to manage existing employee contracts and entitlements.

What our clients say about us

Stacey Sullaphen
Stacey Sullaphen
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Nothing but praise for HLC who handled our purchase right on the border of NSW & QLD, making it tricky indeed. Sue & her team kept on top of everything and informed us every step of the way! Would not consider using anyone else for our Conveyancing or legal needs.
Rick M
Rick M
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I cannot begin to say how easy purchasing a home was with the help of Hunter legal and Conveyancing. Sue and the team made a difficult task simple. I will definitely be using HLC for my next house.
Shane Nevin
Shane Nevin
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I couldn't have asked for better service than what i received from Dawn when purchasing our block of land last year. Very helpful, extremely professional, service with a smile. 🙂
Karen Fenning
Karen Fenning
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Highly recommend Hunter Legal & Conveyancing , Sue and her Team went above and beyond for us they came to our home to sign our new House Contract when it was difficult for us to get out and about with our disabled son.
Leanne McDonnell
Leanne McDonnell
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The Team @ Hunter Legal & Conveyancing are exceptionally great @ what they do as a team, their excellence to detail and support were outstanding, Thanks to Sue and The Team, from the front desk to beyond you all went out of your way to help me achieve the purchase of my new property. I would highly recommend Hunter Legal & Conveyancing. Thankyou ALL again. Leanne. Kurri Kurri.
Steven Sales
Steven Sales
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No mucking around, they just get in and get the job done. Friendly staff Made the process of buying a house less stressful
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Vicki Hobbs
Vicki Hobbs
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I have found them most helpful, with the sale of my house. You would be happy with their service if you went with them.
Mathew Sefian
Mathew Sefian
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Incredible work. I needed people on the ball, proactive and experienced enough to navigate a settlement in 5 days after an exchange. Any one who knows property, banks and sollicitors knows this is a big ask. Hunter legal were all over it !!! And we did it. Great work cant say enough about this team.
Brad Driscoll
Brad Driscoll
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Erin and the team from Hunter Legal and Conveyancing were a pleasure to work with. Made the process straight forward and easy to manage.
Toni Walsh
Toni Walsh
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I work with Hunter Legal on a daily basis and always find them easy to communicate with, always friendly and happy to help any way they can. Would happily refer them to anyone who is wanting to buy or sell real estate.
Chris Lyttle
Chris Lyttle
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The team at hunter legal are very helpful and where able to sort everything out while I was working away. Ebony done an excellent job with the sale of my house and buying my new house.
Darren Doyle
Darren Doyle
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The staff have been awesome right from when I called to get there help in buying our home, highly recommended HLC to everyone looking for professional help in anyway. Thank you so much Susanne you made our job easy. Keep up the great work.
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Kathie Morris
Kathie Morris
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Big thank you to Ebony, Erin and team for handling both property sales and purchases for us recently. All transactions were delivered professionally and thoughtfully, considerate of our time and availability.
Ryan Drury
Ryan Drury
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Fantastic service. Went above & beyond with my recent home purchase. Highly recommend this professional crew. Special shout out to Jasmine for her fantastic efforts. Thank you so much.
Trevor Laker
Trevor Laker
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Sue and Ebony were amazing after having a bad experience with another conveyancer, a pleasant and easy transaction and nothing was to much trouble for these girls. We would have no problem recommending them they at least sell peace of mind when they take you on as a client.
Terry Bradley
Terry Bradley
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Having moved from interstate and not knowing anyone, Sue was recommended by the real estate agent. She was very friendly and pleasant to deal with especially when we had dramas. Would highly recommend their services.
Kasey Williams
Kasey Williams
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Ebony and Erin assisted me in purchasing my first home. They were incredibly professional and guided me through every step of the process, answering all of my questions and providing valuable assistance along the way. Thankyou so much!
Steve Jarmain
Steve Jarmain
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I have engaged Sue and the friendly team at Hunter Legal twice in 12 months on Conveyancing and purchasing realestate. its a pleasure dealing with such professionals. They are very efficient, have great communication and are very approachable. I highly recommend Hunter Legal and will continue to use their services in the future. Again well done to Sue and your proactive team.... Thank you...
Danielle Fox Harland
Danielle Fox Harland
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Sue Mosley and her team at Hunter Legal and Conveyancing were a pleasure to work with. Sue and Jasmine have a straight forward approach to Conveyancing and legal matters which made the process of purchasing a property stress free and easy. Her honesty, expertise and in depth knowledge enabled us to achieve a property settlement in a short amount of time. Sue and her team went above and beyond our expectations in all areas of customer service and legal representation. We would highly recommend Hunter Legal & Conveyancing.
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THE PROCESS OF BUYING AND SELLING BUSINESSES

The diagram below represents the typical process of buying and selling businesses.

Read our article on Conveyancing for properties in NSW with swimming pools to understand the process of buying and selling businesses.

REQUESTING INFORMATION FROM THE OWNER

The Contract of Sale – must include the following:

Buying or selling a business is a commercial transaction and it’s up to the buyer to perform as much research as possible. Of course, the intricate legal and business process is an important element to this. However, the buyer needs to consistently consider one central question: is this a good deal for me? Buyers should be absolutely clear about what they’re trying to achieve.

The buyer is able to request any amount of information from the seller, whether it be profit and loss statements, equipment warranties, marketing figures or performance reports. The seller can withhold the information, or ask the buyer to sign a non disclosure form before providing this.

Call a Conveyancer

Things buyers should look out for:

  • Their confidence level moving into the industry
  • Does the business quote correctly? (Underquoting can be difficult to change)
  • What does the business know about their customer acquisition?
  • Do you agree with the current processes? Is the business “winging it” or do they have sound procedures in place?
  • What does the business do to provide value to their customers and a high level of service?

Questions buyers should probably ask:

  • What’s your process?
  • What contracts do you have in place?
  • Can you provide all your licensing, accreditation and permit information?
  • How can you accurately demonstrate a positive return on investment?

FAQ'S FOR BUYING AND SELLING BUSINESSES

Yes, there are both physical and nonphysical assets to consider when buying and selling businesses. For example, you might be purchasing an engineering company and its workshop. However, they may also have a high performing website you want to obtain. We make considerations for all intellectual property and will run through a checklist to ensure everything is transferred.

Yes. We can help you understand the existing contracts and the future implications this will bear, we will cover this during our planning stage.

The payments will continue to be the responsibility of the Workers Compensation Insurer at the time of the injury.

Yes. We can guide you on every step of the way.
When businesses are changing owners, we will work with the other parties legal representatives to calculate any rent, lease agreements, strata fees, employee entitlements (i.e. annual leave), outstanding invoices and anything else of note.
At settlement, everything will be taken care of and the businesses will have a clean slate.

HOW WE CAN HELP

  • Preparing or reviewing the
  • Contract of Sale. Including any special conditions.
  • Planning with you and your financial advisor in relation to the long term goals and taxation planning of the property.
  • Negotiating with the other parties legal representation to clear all outstanding agenda items (i.e. workers compensation cases) so you can start with a clear slate.
  • Ensuring the property is suitable for your operations (both now and in the future).
  • Advising on related manners, such as business structure, insurance policies and banking requirements.
  • Advising on lease and sublease agreements.
    Resolving disputes.

TRADING BUSINESSES IN NSW - WHAT YOU NEED TO KNOW

There are many support systems for business owners that are provided by the NSW Government. For example, the NSW Government’s website contains business directories, where business owners can browse for different services in their local area, such as identifying business advisors.
The advantage of this is that each business must apply for membership to become listed in the directories and satisfy the NSW Department of Industry’s criteria.
Of course, there are other support systems, so please contact your Conveyancer or Industry NSW to learn more.

Performing Due Diligence
Simply put, due diligence is performing a series of checks before buying or selling a business.
For the buyer, they would want to ascertain information relating to the business structure, taxation records, legal compliance, lease agreements, existing contracts, employment contracts, assets and anything else of note.
For the seller, they would want to ensure everything above is in order. Savvy buyers will look over the business with high attention to detail – and probably have the assistance of an experienced legal team performing an in-depth search of the business.

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