Buying or selling a business
Buying or selling a business involves more than agreeing a price. The sale agreement, the premises lease, staff, equipment, contracts and intellectual property all need to be dealt with properly.
What we can help with
Common matters
- Business sale and purchase agreements
- Due diligence for buyers
- Transfer or assignment of the premises lease
- Employee and contractor arrangements on sale
- Restraint of trade clauses
- Share sales and asset sales
Before you enquire
Helpful details to include:
- Whether you are buying or selling
- The type of business and its location
- Any draft agreement or heads of agreement
- Your target settlement date
Things to consider
Asset sale or share sale
Buying the assets of a business and buying the company that owns it carry different risks, liabilities and tax consequences. Your accountant should be involved alongside your lawyer.
Due diligence
Before committing, buyers should look at financial records, key contracts, the lease, licences, staff entitlements and any disputes or liabilities.
Conditions and timing
Finance, lease assignment and licence transfers are common conditions. Make sure the agreement sets realistic dates and what happens if a condition is not met.
Common questions
When should I involve a lawyer?
Ideally before you sign anything, including heads of agreement or a deposit receipt, so the terms reflect what you have agreed.
Do I need a new lease when buying a business?
Often the existing lease is assigned to the buyer, which usually needs the landlord’s consent. In some cases a new lease is negotiated instead.
General information only, not legal advice. Submitting an enquiry does not create a solicitor-client relationship.