Business sales and purchases include any land and/or building together with the business itself. Aspects that we can advise you on include:
- Form of agreement - what provisions need to be included to protect you?
- GST treatment - is it inclusive or exclusive of GST? is it a going concern to be zero rated?
- Plant and goodwill - how are tangible and intangible assets to be valued?
- Stock - is it a set price or is there to be an allowance for adjustment on stocktake?
- Due diligence - the task of undertaking a full check of business records, accounts, sales, etc
- Restraints of trade - restrictions on the vendor after the sale
- Royalties – payments to the vendor for use of intellectual property such as patents, trademarks, designs and copyrights
- Finance conditions
- Lease approval - landlord's consent
We strongly recommend you obtain legal advice before proceeding with a sale or purchase of a business to help ensure there are no unexpected or unpleasant surprises.