Business Sale / Purchase
We have experience in the preparation of Business Sale / Purchase agreements for a most business types.
We are abvle to advise you about the major terms you should consider negotiating in your business transaction.
In addition we can advise on the process involved in a sale or purchase. It is not as simple as a residential property transaction although we can greatly assist yuou to keep it as simlpe as possible.
Finally we can manage the purchase or sale process on your behalf, including up to settlement day, and in the managment of post settlement clauses such as reporting, subsequent asset transfers and retention moneys.
Some of the issues that commonly arise and fopr which our assistance is normally sought are:
- The correct amount of commission that is payable to a sale or purchase broker where the price has varied from that price originally estimated by the sale agent.
- Advice regarding and implementation of transfer of a commercial lease as may be involved.
- Dealing with and provding detailed banking instructions for the buyers bank, for payment to the seller, sellers bankers, sales agent.
- Settlement calculation and review (or preparation) of 'settlement statement' to ensure any and all adjustments of the settlement payments have been calculated in accordance with the agreement made, and are technically calculated correctly.
- Calculations and instructions to banks and buyer regards treatment of any retention moneys.
- Research, review, advice and implementation of 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.
- Advice regards lawful alternatives for treatment of employee entitlements for businesses being sold, and potential liabilities of seller / buyer ongoing, and managment of these potential liabilities.
- Liaison with tax accountant to facilitate prevention of unnecessary tax liabilities based on the most efficient way to structure the sale / purchase.
- Drafting or review of the 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 business liabilities.