Business purchases

If you’re thinking of buying a business in Australia, it’s a great idea to start by seeking some practical guidance and advice from an experienced legal team.

Whether you’ve got a particular business in mind, or you’re looking for assistance with finding the ideal operation for your needs, McCarthy Durie Lawyers’ Business Law team can help across all stages of the process.

Advice in the pre-contractual stages

It’s so important that you get legal advice early in the business purchase process – in fact right from the pre-contractual phase of the purchase process.

The vendor or their agent may very well be keen to get you to “OK some initial paperwork”, but if you do, you could find yourself bound into a commitment that could be problematic.

So before you sign even an innocuous-looking one page ”expression of interest”, take the time to get professional advice and guidance from the Business Law team at McCarthy Durie Lawyers.

Deciding on the right business to buy

Let’s face it: every business vendor will have a good news story to tell potential purchasers. But they might not volunteer all the details that you really need to know.

That’s why you need to know where to look, to see the clear picture of what it will really cost you to buy a particular business.

MDL can help you consider the real costs involved, such as:

• Legal costs
• Transfers
• Licences
• Working capital

A conversation with the MDL Business Law team can put you in a position where you can make decisions without being pressured. If you’re still sure that the business purchase is the right move, it’s time to move on to:

Doing your due diligence before purchase

To ensure you know what you are signing up for, MDL can take an in-depth look at the business, covering issues like:

• Employees and employee entitlements
• Agreements with suppliers
• Encumbrances of the business’s assets
• Any regulatory (Council / State) requirements for the business to operate.

Ensuring smooth settlement of your purchase

Once you’ve decided to go ahead with buying the business, co-ordinating a smooth settlement is very important.

The MDL team can coordinate the settlement between you, the vendor, the landlord, your new employees, and your bank or financial institution.

If settlement doesn’t proceed smoothly, it can potentially cost you dearly, in terms of lost revenue, missed opportunity, and wasted time. For example, if your new business relies heavily on trading in a particular time of year (say leading up to Christmas) and you don’t take control in time thanks to a botched settlement, you could rue the day.

Professional advice and assistance with your business purchase

Before you take the plunge and sign up to a business purchase, take the time to talk to McCarthy Durie Lawyers.

We’re happy to offer you a free 30 minute consultation with our Business Law team.

We understand business. Our experienced team will help identify any potential problems, before you get burnt. We’ll help you into your business purchase with confidence.

To arrange your complimentary half hour chat with MDL’s experienced Business Law team, fill out your details online or call us on 3370 5100.