We represent both buyers and sellers of businesses in Queensland and New South Wales, acting for national enterprises, franchisors, franchisees and local business owners.
In particular, we have considerable experience with the following types of business sale transactions:
- Cafes, Bars and Restaurants
- Gyms and Fitness Centres
- Agricultural and Primary Production
- Medical and Health-Related Practices
- Retail Businesses
- Light Industrial and Manufacturing
Our services in this area can usually be offered on a fixed-fee basis, so our clients know upfront exactly what will be delivered and for what price.
Why do I need a solicitor when buying or selling a business?
These transactions are complex, usually involving the assignment of a commercial lease or the purchase of commercial property, capital gains tax considerations, stamp duty, equipment lease assignments and the transfer/termination of employees. In consideration of these challenges, our experienced solicitors have created a streamlined and affordable process to help you navigate the challenges and remove unnecessary stress from the transaction.
We offer a cost-free 40 minute initial consultation to buyers and sellers of businesses to discuss the transaction and provide a fixed-fee quote.
Contact Jim Wilson now to book your initial consultation or discuss your matter.
Jim can be contacted on:
Direct line: 07 5536 3055 ext 4
Office line: 07 5536 3055 ext 1
Buying a business – some simple steps
Warning: until you have spoken to a solicitor:
- Do not sign any contract for the purchase of a business; and
- Do not pay any deposit
Step1: engage a solicitor
Talk to your solicitor about what entity you should use to purchase the business:
- This may require accounting and taxation advice and your solicitor can arrange this for you;
- You will have explained to you how you calculate GST; income taxation and superannuation of employees; and tax deductions and income tax for the business.
Step 2: seller presents a contract
The seller of the business prepares a contract for you to take to your solicitor to review:
- What is included in the sale and excluded from the sale? This will be really important for your future success in owning the business;
- Who has to approve the sale, for example, a lessor of premises or a franchisor or other party;
- How you go about getting those approvals;
- Any licences that enable the business to operate;
- The acceptability to you of the terms of the contract; the lease; and the franchise and any other agreements;
- Any special conditions you may want to be put in the contract for your benefit, for example, continuing help of the seller; changes to the franchise and any other agreements; and
- To give you an estimate of what the solicitor will charge you for the work he has done and further work to complete the transaction for you (further discussions with the seller’s solicitors; searches; your bank; stamp duty and effecting settlement.)
Step 3: you sign the contract
You sign the contract, pay the deposit and proceed to a settlement with the advice of your solicitor and subject to any special conditions being met.