Buying or Selling A Business
In selling a business a Vendor needs to consider many things including:
- What is included in the sale.
- Staff and staff entitlements.
- Lease and/or hire purchase agreements on foot.
- Collection of debtors.
- Stock and how it is to be valued.
- Warranties if any are required.
- Disclosure obligations.
- Leases of the property on which the business is conducted.
As a buyer you need to consider, amongst other things:
- Are you getting what you think you are buying?
- How to protect yourself against the Vendor re-opening or poaching key staff thus affecting your goodwill.
- Warranties you require.
- Potential employee obligations.
- Your right to occupy the business premises.
- Necessary approvals or licences.
Galbally & O’Bryan can assist you in drawing or negotiating Contracts of Sale and the conveyance of the business.
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