Selling a Business

Selling a business is a little different from selling land. In particular no Contract of Sale is required until after the purchase price and sale terms are negotiated.

Things To Consider

Once you have to sell your business you should contact Platinum Property Law and we will go through the business sale process with you and let you know the types of matters that you need to consider including:

(a)    the business assets and equipment included in the sale;

(b)   the stock included in the sale;

(c)    details of all current supplier agreements;

(d)   details of all employees on fixed contracts;

(e)    your current business structure and whether the purchaser will be acquiring shares in a company or buying a sole trader business;

(f)    what is to happen to the Business Name;

(g)   your tax situation in relation to the business and whether your tax affairs are in order;

(h)   whether there is a Lease and if so whether the Lease contains an option;

(i)     whether there are detailed books and financial records and whether there is an independent audit report;

(j)     whether all necessary approvals to conduct the business are in place; and

(k)   whether you will agree to any restraint of trade clause so that you cannot set up a business in competition with the purchaser for a set period.

 

You should also contact:

• your accountant to have them prepare profit and loss statements and balance sheets for the business and provide advice on the financial aspects of selling your business;
• the council to obtain any approvals required to legally operate the business from the premises (if you do not already have these) as lack of such approvals may affect your ability to sell;
• any government agencies required to give an approval to operate this type of business (if you do not already have these) as lack of such approvals may affect your ability to sell.

 

The Contract For Sale

Once the sale price and initial contract terms have been agreed you should contact Platinum Property Law and we will prepare a Contract of Sale for the purchaser to consider.

Once the terms of the Contract have been agreed upon Platinum Property Law will arrange for you to sign the Contract and send it to the purchaser’s conveyancer for exchange.

After Exchange

During the period between exchange of Contracts and settlement, Platinum Property Law will arrange for you to sign any required transfer forms and other documents associated with the sale of the business sent to us by the purchaser’s conveyancer.

Settlement

Platinum Property Law will liaise with your Lender in relation to the discharge of any loan on the business, arrange Settlement cheques in accordance with your requirements and organise Settlement.

We know the property business inside out. We are your one-stop property and lease shop.

If you have any questions in relation to selling a business please call Platinum Property Law.

For More Information Call Us Now On : 02 9627 7400