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.
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
The diagram below represents the typical process of buying and selling businesses.
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.
Things buyers should look out for:
Questions buyers should probably ask:
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.
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.