The sale or purchase of a business has legal and financial implications. Some early advice can save you from making some of the mistakes we have seen others make over the years. While you review the financial side of the business and decide whether you want to invest let our commercial team help with advice on the terms of the contract to ensure that you have time to carry out due diligence, to get landlord’s consent and that issues such as GST are dealt with early in the process so that there are no nasty surprises.
Getting landlord’s approval for a change in tenant is crucial if the business operates from leased premises. This consent needs to be factored into the agreement for the sale or purchase of the business. We can advise on the options of a new lease or an assignment of the existing lease and your rights and obligations under the lease.
We can assist you in deciding what structure you will operate your new business under and explain the pros and cons of each structure for you and your business.
We will take care of the settlement of the purchase ensuring all debts of the previous owner are discharged before you take over the business and that the final price paid is based on the agreed value of any stock included in the sale.