Selling a Business in Victoria
Are you selling your business?
All businesses are different. When selling your business, you want to do everything possible to get the best price.
The sale process can be time consuming and at times a difficult and stressful process.
We are experienced business lawyers and can help you through the process of preparing your business sale contract to completion of the sale.
A serious purchaser will want to take a close look at all aspects of your business before they commit to buying so you need to be prepared. If you click here you can download our checklist of things you need to have in order before you start the business sale process. Having your documents in order will not only make for a smoother process but it will also reduce your legal fees.
Have a look at our checklist for selling a business. In short this what you need to organise.
Books and Accounts
You will need to get your accounts up to date and accurate. A purchaser will want to see the figures for at least the last 3 years and have a Section 52 statement. If you are not familiar with what a Section 52 Statement is contact us for a full explanation.
Business Names and Trademarks
Make sure your business name and any trade marks you use are registered and up to date.
Is your lease current. How long until it expires? Do you have any options for further terms?
Domain Names and Social Media Platforms
If you operate a website or social media platforms then you need to check what you need to do to transfer them to a new owner.
Do you need any licences to operate your business? If so, check they are up-to-date and that you have copies.
Are there any special requirements that a purchaser will need to satisfy to take over the licence? For example a police check.
Distributorships or Agency Agreements
Does your business operate a distributorship or hold an exclusive agency arrangement? If so, are they up-to-date and documented. Do you need consent to transfer the distributorship or exclusive agency?
Tax is important you want to make sure you pay the minimum Capital Gains Tax and Goods and Services Tax. That’s why before you start the process of selling your business you need to get advice from your accountant as to how to structure the sale.
The list goes on, all businesses will have their own unique requirements. Any gaps in the paper work could mean a sale falls through, is delayed or in the worst case your business can’t be sold.
If there are gaps or problems, you need to find them out before you try to sell.
We can help to make sure potential problems are dealt with before you sign a sale of business contract. As business lawyers and commercial lawyers we are experts when it comes to assisting clients to sell their business.