If you are getting to the stage where you are looking to sell your business then it is important that you properly prepare for the sale and obtain professional advice to negotiate a favourable contract.
To improve saleability and minimise protracted due diligence performed by perspective buyers, it is prudent to ensure you tie up all lose ends before selling the business which may include:
- having up to date and certified financials and financial reports for the business
- having all contractual arrangements clearly documented including with suppliers and third parties
- itemising all plant and equipment forming part of the sale
- ensuring all registrations are valid including in respect of the business name, trademarks, domain etc
- the business lease or licence is documented and all options property exercised; and
- all licences and approvals remain current and details presented clearly.
As experts with the legal aspects of selling a business on the Gold Coast or Queensland wide, our business and commercial lawyers are well equipped to assist you with preparing for sale, drafting and negotiating the sale contract and advising you on all steps in the transaction through to completion. It may also be necessary to consider other matters associated with the sale including:
- negotiating the release of any personal guarantees with the landlord and third parties
- identify and deal with any residual liabilities following the sale
- restraint of trade covenants
- any vendor finance terms and security
- assignment of business assets; rights, licenses and approvals
- recovery of security bonds; and
- post completion obligations.