Business Lawyers

Purchasers

Purchasing a business with an associated Liquor Licence removes the requirement by the Vendor to provide a Section 52 Vendor’s statement signed by their chartered accountant. When purchasing these businesses, in particular, it is imperative that you complete your due diligence in reviewing the business performance, not just on the formal paper trails, but being able to complete an in-person review of the business trading and operations, preferably through a contractual Trial Period.

Where that is not possible, unrestricted access to the business records is the next best option, to make sure that you are aware of what you are committing to. We help ensure that adequate protections are in place for the purchaser to be able to complete their trial periods or due diligence requirements.

Vendors

When selling a business, it is important to make sure that the contract of sale is as clear and unambiguous as possible, such that once the purchaser accepts and duly executes the same, that the contract is enforceable to ensure the due performance by the purchaser, or that adequate remedies are available for any breaches.

It is also imperative that there is adequate protection by virtue of confidentiality of the business operations, suppliers and trade operations, so that if the purchaser validly rescinds the contract (during the trial period, for example), that the business can continue to trade without fear of damage to its goodwill or reputation, until a subsequent purchaser is found.

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We are highly experienced in acting for both Vendors and Purchasers in business sales.

We charge a Fixed Price for standard small business transfers (for example restaurants or retail stores), for our professional fees at $5,500.00 incl GST.

Included in our scope of work for the sale/purchase of the business are:

• Reviewing the Heads of Agreement (if any) prepared by the Agents;
• Reviewing/drafting contract of sale prepared by the Vendors;
• Negotiating and amending contract of sale for your protection and benefit;
• Advising as to recommended Business Structures for the purchase of the Business;
• Reviewing the s52 Statement (if applicable) and advising as to the Statement, Contract and Commercial Lease or Retail Premises Lease;
• Negotiations of any variation of the Lease, including Lease terms or further options;
• Attending to the Landlord’s requirements for the transfer of lease approval;
• Drafting the Transfer of Lease;
• Reviewing PPSR registrations and securing the releases of the same (if required);
• Overseeing the settlement of purchase of business;
• Securing the ASIC Transfer Key for transfers of business name(s) for your accountant to complete.

We can also assist with preparing Shareholders Agreements or Partnership Agreements for the Business (at additional cost).

Contact Us Now for Free to see how we can help assist in the purchase or sale of your business.