Business Sale and Agreements
Contact Ascendia for advice about major terms and any potential pitfalls and problems you should consider when negotiating the transaction of your business to another party. Our North Lakes, Noosa and Maroochydore solicitors are experts in this area of business law.
Expert Business Sale / Purchase Agreements Advice
Ascendia Lawyers have plenty of experience in the preparation of Business Sale / Purchase agreements for most business types.
Our team are able to advise you about the major terms you should consider negotiating, and we can also advise on the process involved in a business sale or purchase. Selling and buying a business are not as simple as residential property transactions, although we can greatly assist you to make it as simple as possible.
Ascendia Lawyers can manage the purchase or sale process on your behalf, including up to settlement day, and manage the post-settlement clauses, such as reporting, subsequent asset transfers and retention monies.
Some of the issues that commonly arise when selling or buying a business (and for which our assistance is sought), are:
- Finding out the correct amount of commission payable to a sale or purchase broker where the price has varied from the price originally estimated by the sale agent.
- Advice regarding and implementation or transfer of a commercial lease.
- Dealing with, and providing, detailed banking instructions for the buyer's bank, for payment to the seller, seller's bankers, and sales agent.
- Settlement calculation and review (or preparation) of the 'settlement statement' to ensure any and all adjustments of the settlement payments have been calculated in accordance with the agreement made, and are calculated correctly.
- Calculations and instructions to banks and the buyer regarding treatment of any retention monies.
- Research, review, advise and implement changes to PPSR charges as may have been previously registered in regards to assets of the business being transferred to the new owner. Failure here can prevent settlement.
- Give advice regarding lawful alternatives for treatment of employee entitlements for businesses being sold, and potential ongoing liabilities of seller / buyer, and management of these potential liabilities.
- Liaise with tax accountant to facilitate prevention of unnecessary tax liabilities based on the most efficient way to structure the sale / purchase.
- Drafting or reviewing the business sale agreement to ensure the intentions of the parties are reflected in the document signed. REIQ or sale broker provided standard contract templates may be worth reviewing and in some cases alternative documents may be more prudent to ensure you get what you pay for as a buyer, and that as a seller you get the full amount of the sale price and are not retaining any business liabilities.
Contact our North Lakes, Noosa and Maroochydore Solicitors for Help
Get in touch with Ascendia Lawyers for specialist advice and services regarding business sales and agreements. Our Sunshine Coast and North Brisbane lawyers have many years of experience when it comes to the preparation of Business Sale / Purchase Agreements for most business types across a wide range of industries.
Indispensable legal advice regarding major terms and potential pitfalls and problems is just a phone call away.