Buying or Selling a Business

Selling a business

If you are selling a business we can work with you, as well as your accountant or financial adviser, to help achieve the best net return.

Usually the sale of the business needs to happen quickly, and with the least disruption to the daily operation of the business. We can assist you in identifying what needs to be done, negotiating the terms of the sale and closing the deal.

We can also help determine whether any intellectual property rights should be excluded from, or included in, the sale as well as determining if any protection needs to be created for those rights.

Buying a business

Our services for buying a business include:

  • Ensuring the business structure is set up appropriately for your needs
  • Getting all you need to operate the business
  • Protecting you from any debts or other liabilities incurred by the vendor of the business

FAQs

  • Do I need a Lawyer to assist in buying the business?

    What you want to achieve in buying a business is to make sure that you acquire the whole business that is offered, to protect yourself against any liabilities of the business created by the owner and to ensure that you obtain value for the money outlaid.  We can assist you in achieving that goal and ensure that you obtain what you expected in entering the Contract to buy the business.

  • Can my accountant act for me in the purchase of the business?

    Strictly speaking, an accountant cannot act on the purchase of a business if it involves the entering into and advice on a Contract for Sale of Business.  Only lawyers who are properly qualified are permitted under the Legal Profession Uniform Law to provide that type of advice.

  • Should I have an accountant at the time of buying the business?

    We strongly advise you to engage an accountant prior to purchasing a business.  If you do not currently have an accountant, we can direct you to a panel of accountants we recommend for this type of work.

    It is important for your accountant to investigate the financial viability of the business.  Our work is limited to ensuring that the Contract for Sale of Business is effectively entered into and that it delivers good title to the business to you.  As lawyers, we are unable to provide financial advice as to whether the business is viable or is as profitable as the vendor of the business may suggest.

  • What do I need to give you so you can act on the purchase of the business?

    Normally the Contract for Sale of Business is drawn by the lawyer acting for the owner of the business.  That Contract is then forwarded to us and we will then consider the terms of the Contract and provide advice to you on it.  In the meantime, if you have any documents provided by the owner of the business or any business broker then you should provide these (or a copy of them) to us.  This includes any financial material but, as noted above, any financial advice should be provided by your accountant.

  • Do I need a Lawyer for the sale of my business?

    If the business is valuable to you then you certainly want to ensure that when you sell the business you receive the full value and you do not end up with any unexpected liabilities.  Our role is to assist you in achieving that result. 

  • Can I just get my accountant to handle the sale?

    Strictly speaking, an accountant is not permitted to advise, draw documents and effect the sale of your business.  Under the Legal Profession Uniform Law, you need to be qualified as a lawyer to engage in the process of drawing Contracts for clients. 

  • What do I need to provide to have the Contract for Sale of Business drawn?

    This really depends on the size and complexity of your business.  We will need all the general details such as who is the owner of the business, the business name, the assets of the business, any special licenses or franchises and so on.  We can provide you with a more comprehensive list if you wish – just click here.