When buying a business, it is important to have a comprehensive understanding of the business in all respects and its operations before you become contractually bound to purchase. Our commercial and business lawyers on the Gold Coast can conduct a thorough legal due diligence of the business and identify the risks that can or may adversely affect the business and its future operations.
It is essential that from the outset, the terms of purchase and sale of the business are agreed and each party’s rights and obligations are clearly set out in a written contract. Our experienced gold coast and Queensland lawyers can assist you in drafting, negotiating and or reviewing the contract for sale prior to the parties transacting. We can advise you on matters relevant to the business and your purchase including but not limited to:
- what you are buying, be it shares in the corporate business or the business assets and how best to structure the purchase
- business structuring advice to ensure you acquire the business in the entity to maximise tax outcomes and asset protection
- what business assets are being sold including intellectual property and intangible assets
- whether the business is sold on a walk-in walkout-basis or sold with stock in trade or work in progress
- intellectual property rights and protection (such as trade marks)
- negotiating contract terms with third parties
- the apportionment of the purchase price between the goodwill of the business and the fixtures, fittings and chattels of the business
- the leasing requirements of the business
- due diligence including in respect of the leasing requirements of the business
- all contractual arrangements being assigned on settlement; licences and permits required for the business; encumbrances and debts affecting the business assets and carry out investigations and searches in respect of the business to ensure you are well equipped to make informed decisions
- whether there are any restrictions on the vendor’s ability to open a similar business in the future; and
- any period for which the vendor is required to assist you in the operation of the business
In addition to legal due diligence, you should satisfy yourself as to the books and records of the business and with the assistance of your accountant, carry out a financial due diligence of the business. This will ensure you have an understanding of the business profitability and viability and enable you to determine the value of the business and business assets.
Our business and commercial law lawyers have acted for many buyers of businesses from small retail businesses in Queensland to multinational and international businesses and have the expertise to streamline the processes cost effectively whilst ensuring you receive comprehensive professional advice and are guided every step of the way through to completion.
If you are buying a business on the Gold Coast or Queensland, do not hesitate to contact us today on 07 5526 0157 to make an appointment with one of our Gold Coast Lawyers to discuss your commercial and business legal matters.