Business Sales

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TRUST A GLG LEGAL BUSINESS SALE LAWYER

Appointing a commercial solicitor early in the negotiation and prior to entering into a business contract is advantageous. At GLG Legal, we can help our clients understand the transferral of assets, such as property, equipment and naming rights, and identify all liabilities, such as leases and creditors, employee arrangements and more. We also ensure that any intellectual property (such as business names or logos) is dealt with accordingly during the sale process. Apart from the initial decision to sell, putting together a business sale contract is the most important part of the entire process.

There are important steps to undertake prior to the sale, these include (but are not limited to) reviewing your existing business contracts and agreements. Did you know that creating a pack of documents for potential buyers can also simplify the process and increase the chances of a sale? A GLG Legal business sale lawyer can assist with Confidentiality Agreements, Offer and Acceptance forms and even Contracts of Sale – all to provide buyers with greater confidence in your business.

 

CONSIDERATIONS TO HAVE PRIOR TO SELLING YOUR BUSINESS

Selling a business requires you to assess and evaluate multiple elements. Business owners who plan on ‘how’ and ‘when’ they want to sell their business often gain the most benefits when selling. These business owners will often implement strategic plans that ensure their business is in the best condition to earn more profits.

Such strategic plans that enable the business to become more attractive to buyers may include but are not limited to:

  • Creating and marketing a unique product
  • Having a strong online presence
  • Having a reputation for high-quality goods and services
  • Developing plans for business growth
  • Having contracts in place with distributors and clients
  • Signing short- or long-term leases – depending on your industry and what is considered preferable.

By implementing strategies and acting upon the advice of legal and accountancy experts, you will be able to mould your business into one that is more attractive for buyers in the market. As one of Brisbane’s top commercial law firms, we are more than capable of assisting you with these services.

 

WHAT CAN YOU DO IF YOU DO NOT WANT TO SELL YOUR BUSINESS?

Selling your business may not always be in your best interests due to a downturn in the market or if your business is not performing as well as it had previously. Some business owners with a strong attachment to their business also might prefer to remain involved in the existing business to some extent.

Our experienced business sale lawyers are able to advise you on the alternative options that are available (if you do not wish to sell), including:

  • Restructuring
  • Refinancing
  • Selling business assets
  • Mergers
  • Becoming a public company
  • Developing exit strategies

 

WHAT HAPPENS WHEN A PURCHASER WISHES TO CONDUCT DUE DILIGENCE INVESTIGATIONS ON YOUR BUSINESS?

When purchasing a business, the purchaser will most likely conduct due diligence investigations on your business under the advice of their lawyers. Prior to the commencement of the investigations, the period of time and what investigations the purchaser will be conducting will be outlined in a Letter of Intent.

Due diligence investigations enable the purchaser of your business to assess whether your business is worthwhile to the purchaser. They will often request access to documents regarding the finance, assets, and operations of your business.

As the purchaser will be seeing confidential information about your business, it is important to seek advice from a lawyer who will be able to assist in the drafting of a non-disclosure agreement. This will prevent the purchaser from disclosing information they come across in their investigations to your competitors.

 

WHAT LEGAL DOCUMENTS ARE REQUIRED IN SELLING A BUSINESS?

Depending on the size of your business, how it is structured, and how you wish to sell the business – these all impact what legal documents you will require when selling your business. Our lawyers at GLG Legal are experts in business sales. We can assist you with preparation of the following legal documents (that you may require include but are not limited to):

  • Franchise agreements;
  • Employment contracts;
  • Leasing arrangements (including leases and sub-leases of both equipment and business premises;
  • Contracts with clients and distributors;
  • The sale contract agreement

As many businesses rely upon oral agreements, it is important to ensure that such agreements are drawn up into legal documentation prior to selling your business, as this will provide certainty to the purchaser that such arrangements exist.

 

CONCLUSION

There are several considerations involved in selling a business, it is therefore important that you seek advice to ensure that your business and your personal interests are protected when doing so. At GLG Legal, we understand that selling a business can be a confusing process, so we aim to simplify that process to our clients by providing straightforward and unique advice suited to your individual circumstances.

If you are thinking about selling a business or are in the process of selling your business and need advice, contact an experienced business lawyer at GLG Legal on (07) 3161 9555 and we will be happy to assist you.

WHY CHOOSE GLG LEGAL?

With years of experience assisting clients with selling businesses, our commercial lawyers have successfully navigated this type of business transaction across a range of industries. We understand the complexities and nuances of Queensland’s business landscape.

At GLG Legal, we know that no two businesses are the same, which is why we implement personalised, tailored solutions that align with your unique objectives, whether you’re selling a small business or a large enterprise. Our goal is to simplify the legal factors, guiding you through negotiations, due diligence, contract drafting, and settlement with unwavering dedication. We prioritise your interests, working tirelessly to protect your rights and intellectual property and ensure a smooth and successful business sale. For a business sale lawyer you can trust to get the best result, get in touch with us.

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    P: 07 3161 9555

    E: info@glglegal.com.au

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    P: 07 3206 8700

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