Business Sales & Leasing
Buying or Selling a Business
Buying or selling a business is an exciting period of time. Whether you are looking to open your own business, purchase an existing business, or are looking for a turn key investment, Southside Legal can provide you with the right legal advice so that you can proceed with confidence. On the contrary you may be a business owner who is looking to move onto the next chapter of your life, the team at Southside Legal can assist you in ensuring that you get a clean separation and all matters are finalised so that you are able to go and enjoy that long holiday you have always talked about having. Whether you are buying or selling a business Southside Legal are able to assist you in the process.
Please do not hesitate to send us a free ‘no obligation’ enquiry by clicking on the ‘quick enquiry form’ that is found on the right hand side of this page. We will get back to you quickly.
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Call us now on 07 5598 3266 or click on the “enquire now” tab on the right hand side of this page and we will be delighted to help you.
Frequently Asked Questions
What are the traps of buying a business?
There are many potential traps. It is for this reason that you need experienced legal and financial advice when contemplating spending a significant sum on the acquisition of an established business. Sometimes businesses look much better from the outside than they are in reality. It is essential that you ensure that the business you purchase is exactly what you think you will get without there being any hidden issues. If ever there was a time to exercise caution and ensure that all appropriate checks are made, it is when you are about to buy a business.
Can I sign the contract but still have time to consider the business?
It is common to sign a contract that is subject to “due diligence”. This will enable you time to check matters out prior to being fully committed to proceeding with the purchase. If the financial figures do not meet what has been represented to you, or there are some other problems that are found from doing searches on your behalf, you will have the opportunity to be able to get out of the contract before problems arise.
I am buying a business, what issues do I need to consider?
You need to ensure that the business is checked out thoroughly and is transferred to you without any of the previous owner’s problems. It is important to have both a solicitor and an accountant advising you on the purchase of a business. The accountant can advise you on the most tax effective structure to adopt in acquiring the business and can check out the financial accounts that the seller provides for the business. The solicitor can ensure that the contract to purchase the business meets your needs and can then thoroughly check the business from a legal perspective to ensure it all stacks up. Often there will be a lease to assign to you and regularly there are also franchise agreements to consider.