Buying or Selling a Business

The transfer of a business is often more complicated than one may realise.

We have an enormous amount of experience being amongst the first conveyancers in Victoria to be permitted to undertake conveyancing for business transactions (many conveyancers are not licensed to provide this service). You will benefit from over twenty years of expertise and experience as Victoria’s most recommended conveyancing firm (as Sargeants Port Phillip, and now AB Morison)

There is much to consider when buying a business including:

  • Will you take the existing staff of the business and how will their entitlements be calculated?
  • How is stock to be dealt with- do you have to buy it all? Is it included in the price or do you have to conduct a stock take at settlement?
  • What are you really signing up for when taking over the previous owner’s lease? What condition do you need to return the premises in? How do you ensure all their debts including council rates and insurances are adjusted for at settlement?
  • How do you take over a liquor license?
  • What council inspections of a food premises are required, and will this stop you from trading after you first settle?
  • What if the building landlord doesn’t make their mortgage repayments and their bank kicks you out?
  • What if the seller of the business competes with you or uses the intellectual property of the business in other ways (such as a database)?

And many more issues that you may not have considered

The same is true if you are selling a business:

  • How do I ensure that the ATO does not ask me to pay them 1/11thof the sale price later even though I am selling a going concern?
  • How will you guarantee that you get back your lease bond at settlement?
  • If you want to work in a similar trade how do you ensure you can do this?
  • What action can you take to ensure the sale of the business settles if the landlord refuses to transfer the lease?
  • How do you avoid spending thousands of dollars on accounting and legal documents before you are sure that a purchaser is going to sign?
  • Is a Heads of Agreement binding?
  • And the endless list of other problems that can occur if you are not properly represented.

Our job is to anticipate these issues.

When you appoint us, we will spend a considerable amount of time walking you through any potential issues, spell out your options, and take your instructions to allow us to negotiate the contract on your behalf. We can avoid most problems with the sale or purchase of a business in this very first step, allowing you to proceed with confidence. We are available after-hours including weekends if necessary, so that you can devote uninterrupted time to your first consultation call.

A transfer of a business is so much more than the preparation of a few documents like the contract of sale and transfer of lease, and we will provide you with personal professional service from beginning to end. We specialise in small to medium businesses such as:

  • Cafes and other eateries including those with liquor licenses
  • Hotels and conference centers
  • Retail and online retail businesses
  • Childcare centers

Like all professional services, there is a considerable variation in quality amongst conveyancers when it comes to dealing with complex matters. It is important to take care and ensure you pick someone with considerable skill and experience. In most circumstances we can offer a fixed price that is catered to your specific needs, and we are highly competitive compared to most legal representatives.

The most referred to conveyancer

Taking the stress out of the transaction

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