Close your business sale on time!
Whether you are buying or selling a business, you want completion to occur on time and without undue delay, so that, as the seller, you get your money and, as buyer, you can start running your new business. Achieving that is uppermost in the minds of every lawyer at MIA Contract Lawyers.
When buying or selling an SME, the following is required:
Preparing a Terms Sheet
Preparing a Sale of Business Agreement or reviewing one prepared by the counterparty
Negotiating the terms of sale
Addressing leasing issues
Arranging or reviewing the information disclosure required by law
Unless you’ve been involved in a number of business sales, it can be scary. It is a very procedural undertaking, requiring pretty tight project management skills and attention to detail; otherwise, completion will be delayed.
In almost all sales of business, agreeing on the warranties proves contentious.
These warranties are the guarantees on the standards and features of the assets you are buying. Get that wrong and you don’t get what want. As a seller, get that wrong and you could find yourself financially liable where you neither intended, nor where it is commercially reasonable to be liable.
As the APAC Contracting and Contract Negotiation Firm of the Year, MIA Contract Lawyers ensures this does not happen without threatening the deal by threatening the relationship in protracted and unpleasant negotiations.
“Their detail to attention was amazing. Nothing was left unturned. Great communication. ”
— Julie Crowe, Just Cutz, Ocean Keys
“In terms of the input from you and your team, it was hugely important to have the piece of mind that there was nothing overly untoward in the Franchise Agreement. Finding a business that suits your personal interests is hard enough, but then getting your head around what is in the franchise agreement can be just as challenging, so it was great to be able to have it reviewed and presented back in such a way that made it easy to understand.
The support provided with the tightening / review of the Contract of Sale was much appreciated, as again, without exposure to it on a regular basis, you aren’t aware of what you might be missing, so having it reviewed and adding a couple of clauses (to protect the vendor and myself) made a difference.
Having the peace of mind that (for the best part) the agreement that was being entered into was reasonable made the process much less stressful to work through.”
— James Kerse, ReadySteadyGoKids Franchisee