Buying or selling a business can be one of the most traumatic experiences of your life if you do not obtain the appropriate advice from your advisors, including your accountant, lawyer, insurance broker and financier. There are so many issues to be dealt with in a business sale including:
- Ensuring any security over the business is released
- The transfer of any existing service agreements
- Payout or transfer of any rental agreements or hire agreements
- Employees – dealing with employee entitlements and employment contracts
- Transfer of phone of fax numbers, mobile numbers, websites, emails, PO Boxes and domain names, gas accounts and electricity accounts.
- Transfer of business name
- Transfer of all business licences
- Transfer or enter into a new lease for the business premises
- The buyer obtaining finance approval
These are just some of the issues to be considered in a business sale. It is crucial that you obtain legal advice before signing any business contract. Although an REIQ Business Contract is generally used as a business contract in QLD, the issues relating to the sale of a business are never the same as other businesses and advice is needed to protect you in the transaction.
Parker Law Qld has the skills and knowledge required to assist you in this process, whether you are a seller or buyer. Rather than potentially have a deal fall apart, we prepare or negotiate a contract that is fair and reasonable to both parties. This also keeps legal fees as low as possible – which saves you money.