Do I Need A Lawyer When Buying A Business?
We get asked this question quite a bit as commercial lawyers.
The short answer is yes.
The reason being is that it is a multifaceted and complicated legal transaction.
It needs co-ordinating and that is what you will be using a lawyer for.
A typical transaction will involve a vendor, vendor’s lawyer, business broker, landlord, accountant, banker, a valuer, an industry consultant, purchaser and purchaser’s lawyer. These people all have to be talking with some or all of the parties involved.
A typical business transaction could involve matters such as;
an industry consultant advising on the business
a valuer valuing the business
the business broker detailing the agreed terms of sale
an accountant looking over your accounts
discussions with a landlord regarding the existing lease or new one
your lawyer looking over the draft contract and liasing with the vendor’s lawyer
the banker making sure the price and can be funded
etc etc etc etc etc
Someone needs to be in control of this whole process – so yes that is why you need a lawyer to make sure the deal gets done.
Do I Need A Lawyer When Buying A Business
Here is a link to some further useful information on business purchases from The Law Society of NSW.
Call us now about buying a business on telephone 9528 0235.
We can then sit down with you at a convenient location. You can come to either our Crows Nest office on Sydney’s lower North Shore or at Jannali in the Sutherland Shire.
Paul Ippolito is Principal of Ippolito Lawyers. He is an experienced commercial lawyer who works with small business owners, both new and established ones. Paul has also lectured for nearly a decade in commercial and corporate law at the NSW College Of Law.