Selling your business is one of the most significant decisions you’ll ever make. It involves careful planning and a clear understanding of legal, financial, and contractual elements. To ensure a smooth and successful sale, you need an experienced solicitor assisting you.
Before you can sell your business, you need to ensure all your financial and legal documents are in order. Buyers will require access to tax returns, profit and loss statements, contracts, and other business records. Alongside your accountant, a lawyer can ensure the business is in good order and help identify any potential legal issues that need attention. They’ll also ensure that contracts such as leases and intellectual property rights are properly structured for the sale.
Setting the right price for your business is essential. A lawyer can work alongside financial experts to help you obtain an accurate business valuation. They’ll ensure that all aspects of your business—such as assets, liabilities, IP, goodwill—are properly accounted for, giving you the best chance of getting the price you deserve.
During the sale process, it’s important to identify and address any potential liabilities, such as unresolved disputes, long term commitments/agreements, employee issues, or outstanding debts. A lawyer can assess your business for any legal risks and help mitigate these issues, ensuring that the sale goes smoothly without future complications.
When it comes time to negotiate the sale, your lawyer will be your advocate. They’ll help negotiate the best terms for you and draft a comprehensive sale agreement that protects your interests. From payment terms to post-sale obligations, a lawyer will ensure that all conditions are clear, fair, and legally binding.
Our team led by Carley Ronan assist clients in selling their business whether it’s a small coffee shop or a large ecommerce business; we can help you.
Disclaimer: This advice is general in nature and is not intended to be legal advice.
If you would like legal advice, please call our office on (07) 5619 0440 and we would be pleased to assist you.
Excellent lawyers! They assisted us recently with our new business lease, going through every dot point and ensuring that I understood what everything meant, as well as fighting for us in negotiations. They would not allow me to sign off on anything until they were absolutely satisfied. I very much recommend them and would use them again in the future.
Jess Bunty
Gold Coast Art School
Feb 2024
Richard and the team were on the ball and great to deal with in a recent property transaction. Very knowledgeable in their area of expertise and reached out to us for the accounting perspective to ensure both legal and accounting were handled simultaneously.
Adrian De Vito
Aug 2023
The team at Holt Ronan Lawyers have managed multiple property settlements for us and have been wonderful to deal with. Trish was wonderful at explaining things to us, incredibly prompt with her responses and made sure we were informed at every step. I would strongly recommend Trish and Holt Ronan Lawyers to help with your conveyancing.
Elyse May
Jan 2024