Sale & Purchase of a Business
What you should know..
If you are buying or selling a business is it crucial that you have a Contract for Sale of Business drawn up or reviewed by a Solicitor.
What we do if you are selling your business:
- We will assist you so that all necessary documentation is provided to the purchaser under the Contract;
- We will advise you in relation to the rights of employees and payment of entitlements;
- We will draft clauses for the Contract specific to your circumstances;
- We will liaise with your accountant where necessary in relation to taxation implications that may affect you;
- We will assist in the assignment of any lease to the business premises, or the negotiation of a new lease if required;
- We will advise you in relation to the transfer of the business name;
- We will review the settlement adjustment sheet prepared by the purchaser’s representative to ensure you receive the full purchase price at settlement and to ensure all adjustments are made properly between you and the purchaser;
- We will attend settlement on your behalf.
What we do if you are buying a business:
- We will review the Contract and advise you in relation to its terms;
- We will negotiate with the vendor’s solicitor on unfair or onerous Contract terms;
- We will advise you in relation to the rights of continuing employees and adjustment of entitlements;
- We will act on your behalf in relation to the transfer of a lease for the business premises or in the negotiation of a new lease;
- We will negotiate Restraint of Trade Clauses and a Deed of Restraint on your behalf to protect you against competing trade by the vendor after settlement;
- We will negotiate with the vendor on your behalf in relation to pre and post settlement training by the vendor;
- We will verify that none of the vendor’s business assets have charges attached to them or that any charges will be paid out on settlement;
- We will liaise with your accountant where necessary in relation to taxation implications that may affect you;
- We will advise you in relation to the transfer of the business name;
- We will prepare a settlement adjustment sheet in relation to the sale and provide this to the vendor’s solicitor;
- We will attend settlement on your behalf.
Do You Need More Information?
Cutlers The Law Firm would be happy to answer any questions or queries you might have. Please don’t hesitate to contact us for your legal advice.