Hunter Legal & Conveyancing possesses a professional team that handles conveyancing regularly. Our goal is to help people buy and sell businesses efficiently, so our clients can relax and focus on their day-to-day.
We work alongside our clients to strategise the transaction, with a focus on positive long-term outcomes. We appreciate that selling or buying a business will have a significant effect on our client’s livelihood, thus we will endeavor to safeguard this.
We are experienced in dealing with the Conveyancing for businesses of any size or industry, such as medical, agriculture, education, tourism, retail, catering, and trade services.
In addition to locating a licensed Conveyancer or Solicitor, anyone planning to buy or sell a business must also consider
- Deciding on a purchase price.
- Deciding whether a financial planner, broker, and/or business advisor is required.
- Understanding the value of the business. Which is predominately calculating the value of the assets, current and future revenue, goodwill, and expenses (such as GST CGT, and liabilities).
- Maintaining awareness of the upcoming negotiations. This will usually revolve around deposit amount, settlement length, handing over the business (i.e. training the new owner on certain systems), and special conditions in the Contract of Sale.
- Planning how to manage existing employee contracts and entitlements.
THE PROCESS OF BUYING AND SELLING BUSINESSES
The diagram below represents the typical process of buying and selling businesses.
Read our article on Conveyancing for properties in NSW with swimming pools to understand the process of buying and selling businesses.
REQUESTING INFORMATION FROM THE OWNER
Buying or selling a business is a commercial transaction and it’s up to the buyer to perform as much research as possible. Of course, the intricate legal and business process is an important element of this. However, the buyer needs to consistently consider one central question: is this a good deal for me? Buyers should be clear about what they’re trying to achieve.
The buyer can request any amount of information from the seller, whether it be profit and loss statements, equipment warranties, marketing figures, or performance reports. The seller can withhold the information, or ask the buyer to sign a non-disclosure form before providing this.
Things buyers should look out for:
- Their confidence level moving into the industry
- Does the business quote correctly? (Underquoting can be difficult to change)
- What does the business know about its customer acquisition?
- Do you agree with the current processes? Is the business “winging it” or do they have sound procedures in place?
- What does the business do to provide value to their customers and a high level of service?
Questions buyers should probably ask:
- What’s your process?
- What contracts do you have in place?
- Can you provide all your licensing, accreditation, and permit information?
- How can you accurately demonstrate a positive return on investment?
FREQUENTLY ASKED QUESTIONS
Yes, there are both physical and nonphysical assets to consider when buying and selling businesses. For example, you might be purchasing an engineering company and its workshop. However, they may also have a high-performing website you want to obtain. We make considerations for all intellectual property and will run through a checklist to ensure everything is transferred.
Yes, we can help you understand the existing contracts and the future implications this will bear, we will cover this during our planning stage.
The payments will continue to be the responsibility of the Workers Compensation Insurer at the time of the injury.
Yes. We can guide you every step of the way.
When businesses are changing owners, we will work with the other party’s legal representatives to calculate any rent, lease agreements, strata fees, employee entitlements (i.e. annual leave), outstanding invoices, and anything else of note.
At settlement, everything will be taken care of and the businesses will have a clean slate.
If you are buying or selling residential property, buying or selling commercial or industrial property, buying your first home, transferring property ownership and titles, or have property law questions and need legal advice, you will need a licensed property Conveyancer or Solicitor – Call our friendly team who are waiting to help you.
Yes, at HLC our team is experienced in all stages of retail and commercial leasing which affects both landlords and tenants throughout all stages of the process.
Contact our office by phone or email and you will speak with one of our Conveyancing specialists. We will review your situation and you are welcome to ask any questions you may have. We will then provide you with a quote for our services and outline the process and expected time frame for you. You will be kept up to date in the form of regular phone calls, SMS messages, and emails.
Yes. We can assist anyone in NSW.
No. We understand some circumstances arise in which clients require their Conveyancing completed sooner rather than later, so we make that happen where we can.
We provide Conveyancing for all types of properties, whether you are buying or selling a house, duplex, land, dual occupancy property, rural or commercial property, we can help you.
We offer upfront contract reviews so that people can have the advice they need going into auctions so they know what’s in the contract. Buyers should understand the transaction before agreeing to it.
You do not need to physically visit us. We have systems so you can sign forms digitally. With this in mind, we do encourage clients to visit our office for a more personalised experience and so we can explain the contracts comprehensively. Please also see our article on attending auctions on your terms here.
During the initial meeting with us, you will be asked your preference for a phone call, text, or email for status updates. Of course, we will phone you regarding any urgent matters.
HOW WE CAN HELP
For a property sale, we will perform the following:
TRADING BUSINESSES IN NSW – WHAT YOU NEED TO KNOW
There are many support systems for business owners that are provided by the NSW Government. For example, the NSW Government’s website contains business directories, where business owners can browse for different services in their local area, such as identifying business advisors.
The advantage of this is that each business must apply for membership to become listed in the directories and satisfy the NSW Department of Industry’s criteria.
Of course, there are other support systems, so please contact your Conveyancer or Industry NSW to learn more.
Performing Due Diligence
Simply put, due diligence is performing a series of checks before buying or selling a business.
For the buyer, they would want to ascertain information relating to the business structure, taxation records, legal compliance, lease agreements, existing contracts, employment contracts, assets, and anything else of note.
For the seller, they would want to ensure everything above is in order. Savvy buyers will look over the business with high attention to detail – and probably have the assistance of an experienced legal team performing an in-depth search of the business.
- Fixed price/flat fee Conveyancing service
- Regular updates by phone/SMS/email
- Professional and personal service every time
- Efficient and fast turnaround
- Simple and straightforward advice from property lawyers and Conveyancers
- Mobile service – if you can’t make it to us we can make it to your home or office
- Found property on the weekend and need to act fast? Contact our team and we will be available after hours and on weekends.
- Free Will or Will updated with every property transaction.
What to expect from HLC:
When you come to Hunter Legal and Conveyancing you can have the confidence knowing you are dealing with an experienced team whose aim is to make your property transaction as smooth and simple as possible.
Our Conveyancing services are all based on a fixed fee system, which means there are no surprise bills and you can rest easy knowing you can afford the professional services you receive.
You pay Conveyancing prices for the full legal service at your disposal. Your satisfaction is our guarantee.
Find an advisor in your area – Department of Industry NSW
Value your business – Business.gov.au