Buying or Selling
Buying or selling a business is a big decision to make. You will need professional advice, and our lawyers understand the complexities of corporate and commercial law, as well as the risks applicable to you.
Buying or selling a business can be stressful and overwhelming. There are many legal documents to draw up, conditions to verify, and research to be done to clarify what is the best option for you. Our skilled and experienced lawyers can prepare business sale contracts, and negotiate terms to ensure your interests are protected. Whether you are buying or selling a business, we will ensure that you are kept updated and fully informed throughout the process. When selling your business, you must be clear with potential purchasers about what is on offer. You will need to specify what you require from them, in order to determine their genuine intentions. Once you have negotiated commercial terms with the purchaser, our lawyers will draft the business sale agreement, incorporating these conditions. We will ensure that the agreed sale price is received and that you are released from all obligations.
If you are buying an existing business, you will need to conduct a thorough due diligence. This will involve having the finances and existing legal contracts reviewed, and determining why the business is being sold. The sale will include the goodwill of the business, including customer database, suppliers, contractors and products. The goodwill is an important aspect to be transferred, just as any of the tangible assets are. Our lawyers will ascertain whether the commercial terms agreed to are contained in your business sale agreement. To protect your interests, we will also negotiate terms which will cover you should the business fail to generate the revenue and profits indicated to you prior to purchase. We will establish a training or handover period in the agreement, to give you the opportunity to familiarise yourself with running the business.
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