Legal Tips When Buying A Small Business

Below are some legal tips when buying a small business

Even before you start negotiating with the Seller it is a very good idea to touch base with your lawyer and your accountant as well as consulting with an industry expert in your field.

Legal Tips When Buying A Small Business

The sort of things that should be foremost at this early time include;

What is the final purchase price?
How am I going to fund this?
What am I am actually buying?
Am I buying shares in the business or its goodwill and assets through a separate new structure?
What is that business structure that I should be using?
What do the accounts look like?
Is there a lease? For how long? Will the landlord approve me to take over?
Exactly what inventory am I getting?
When do they handover the business to me?
How long will stay on and train me for?

Legal Tips When Buying A Small Business

Legal Tips When Buying A Small Business

And so on and so on, …. as there are dozens of live issues that you need to think about before shaking hands on the deal and having everything put together into a written contract.

WE LIKE THOSE CONSIDERING BUYING A SMALL BUSINESS TO CONTACT US EARLY ON ONCE THEY ARE REASONABLY SURE THEY ARE COMMITTED TO PROCEEDING.

In that way we can have a consultation with you and map out all the issues that need to be considered.

This makes you look professional and prepared and this will make the deal go through quicker and more smoothly when the time comes.

You may also wish to read this article we recently wrote on the subject of buying a business.

Call us now if you are thinking of buying or selling a business. Paul Ippolito our commercial lawyer consults to businesses, mentors CEO’s and has lectured for over a decade at The College Of Law in Sydney.

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