Business – Buying and Selling

Buying or selling a business ? Get the Right Advice

Buying or selling a business is a major decision. To ensure you get what you bargained for you need expert legal advice from the right law firm.

Lord Commercial Lawyers are experts when it comes to giving the right legal advice whether it is for the sale or purchase of a business.

When you are buying or selling a business there are many issues to consider such as:

What is being sold? Does it include:

  • Goodwill and how is it valued
  • Confidential information (Customer Lists, Supply Lists, Price Lists)
  • Plant & equipment, furniture, chattels
  • Raw materials (used to produce products made by your business)
  • Intellectual property (names, logos, things by which your business is known, processes used in your business)
  • Stock on hand
  • What is going to happen with current employees will the Purchaser “take over” any employee of the business?
  • Does the business operate from leased premises?
  • What are the conditions of the lease?
  • Is any of the plant and equipment leased?
  • Are there outstanding purchase orders?
  • Are there current supply, customer and other contracts?

What items need to be adjusted between the buyer and seller? These can include:

  • Rent,
  • Lease outgoings
  • Stock
  • Water, electricity and gas
  • Insurance
  • Telephone and fax lines – transfer to the Purchaser
  • Yellow Pages and other advertising.
  • Accrued and long service leave.

Is the Vendor required to keep confidential any information concerning the business? Should the Vendor be prevented from operating a similar business? If so for how long and within an agreed area? Are there any special licences require to operate the business such as a liquor licence? Is the business a franchise? If so there will be other issues to consider. There are many other matters that must be carefully considered if you are buying or selling a business. It is important to obtain the right legal and accounting advice on the structure and implications of the deal. We can take care of the legal issues.

For professional advice contact Andrew Lord.