We act in the purchase and sale of businesses for clients who range from individuals involved in very small businesses through to medium sized companies involved in complex businesses with multiple locations.
Many of the processes involving individuals in the purchase and sale of small businesses are the same for corporations involved in large transactions.
Real estate leases and licences need to be checked and transferred, franchises need settling, sale of business contracts require negotiating and/or drafting and a clear understanding needs to be communicated in relation to all of these documents.
Before entering into any commitment, whether it be franchising, leasing, purchasing a business, selling a business or even instructing an agent, you should speak to both your accountant and your lawyer. It is essential in all of these matters to obtain sound financial/accounting and comprehensive legal advice.
To assist us in giving you sound advice we will:
- Be accessible and listen to your instructions
- Peruse documents and explain their meaning to you
- Negotiate any required amendments
- Clearly explain your rights and obligations in relation to any matter that may affect the running of the business
- Quickly and efficiently draw necessary documentation to protect rights and clarify obligations
The first step in this process will involve instructions to ascertain the correct structure for the operation of the business, consultation with your financial advisor and/or accountant, assisting where possible with the obtaining of finance, arranging new leases or transfer of existing leases, making recommendations to you in relation to planning issues, employment issues, adjustment of outgoings, including employee costs, arranging for your financiers to have funding ready for settlement and ensuring that at settlement all documentation is checked, properly executed and exchanged.
Different processes are necessary when you are selling a business. For example, when you are selling a business your accountant may need to prepare financials, a contract will need to be prepared and you will need to produce all relevant documents such as franchise agreements (and any variations or transfers) lease documents (and any variations or transfers), relevant registrations, including shop registrations, permits, licences, business name registrations etc.