Buying A Business

Buying a business is a major investment and involves assessing a lot of data and making many decisions. Our business purchase lawyers have helped many clients in advising, negotiating, drafting documents and managing settlement in their business purchases.

Business purchase legal advice does not cover one area of law but many. Your business lawyer will need experience in employment, intellectual property, property laws and more. Therefore, it is important that your lawyer has a full understanding in these areas and is experienced in handling business purchases. The right legal advice will help you consider your options and avoid or reduce the likelihood of disputes when buying a business.

You should get legal advice from the initial offer stage and for any exchange of documents, such as the heads of agreement and non-disclosure agreement. These documents should be carefully considered as they set the tone for the relationship and transaction ahead. Whilst these documents may not always be legally binding (some are) they impact the business purchase and your investment.

You will also want a clear understanding of what each stage entails. This will help you navigate the business purchase process faster and easier.

Our business lawyers will draft the right terms and conditions to help to advantage you in the transaction. If terms and conditions are clear and concise they are harder to dispute and the business seller is also more likely to comply as the consequences are clear.

Getting the right terms in the Contract of Sale is not just simply working out dates and sale amount. It is important that as part of the business sale process that the seller hands over all that they should. The right terms will make sure you are getting everything you should in the sale.

This will cover many issues such as employees, property, assets and intellectual property. Having terms and conditions that are drafted poorly will prevent you from reaching the commercial outcomes you desire. Poorly drafted terms and conditions are often the main source of disputes.

It is important that you do not inherit liabilities as a part of the process of buying a business.

Some areas of Consideration when buying and existing business are:

• Due Diligence
• Heads of Agreement
• Non Disclosure Documents
• Business Structure
• Restraint of Trade
• Employment
• Commercial Lease Advice

We ensure that your interests are protected, as much as possible, so that you you can operate the business as you expect to. We will also assist with any permits and other licences that need to be transferred or assigned so you can run the business properly after handover.

During the process you will be well advised of your rights and responsibilities along the way. We also work hard to ensure that you are protected as much as possible.

If you are buying a franchise business these are typically more regulated. We have extensive experience in helping franchisees and franchisors.

Read more on specific Franchise related legal services.

Our law firm has also handled many business purchase disputes. We have also helped clients that have been misled by a seller or where false and misleading claims have been made. We have extensive experience in resolving commercial disputes and litigation. Our commercial law team are experienced and understand the commercial realities that our clients face in buying or selling a business.