You’ve invested a lot of yourself in your business and now it’s time to reap the reward for all that hard work. You’ve decided to sell your business.
Selling a business is significantly more complicated than selling just about anything else, and it is one of those things you need an expert to guide you through.
When selling a business there are a number of key elements you must consider, for example:
- What exactly is it you are selling?
Defining what is being sold will be different for each business. Will the sale include the business/trading name, all revenue streams or only some revenue streams, property owned by the business, contracts or agreements operative within the business, premises, client details, or anything else which may be of value to a potential purchaser.
Providing clarity around what is being sold will help in avoiding disputes down the track.
- The agreed price, how and when it will be paid.
- Will any restraint of trade be a condition of the sale and if so what is the scope of such a restraint?
- What are the taxation implications of the sale?
- Are there any other special conditions which need to be met as part of the sale?
To talk with an expert business lawyer get in touch with our office today and ensure you sales is protected and your benefit is maximised.