Buying or Selling a Business

Buying or selling a business is one of the biggest life decisions you can make. Our expert business lawyers will guide you through it all.

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Cost of a Business Lawyer

Why you need a business lawyer for
buying or selling business

Financial Assets

Helping you understand legal considerations of buying a business

Buying a business is one of the biggest life purchases you can make. Therefore, there are numerous issues to be considered when buying a business, regardless of its size. A lawyer can help you with issues such as lease assignments, websites, stock takes, due diligence and the entitlements of employees.

Timely Legal Services

Identifying any risks involved with buying a business

Buying your own business is an exciting prospect, but it is important you understand that there are risks involved. We can assist you by identifying any challenges that may arise in the future up front, before you commit to buying a business, so you can make well informed decisions that will suit your needs.

Dispute Resolution

Helping you understand contracts

In order to purchase a business, you must sign a contract. It is imperative that all aspects of the transaction are noted down in the contract, and you should seek legal advice before committing to any contractual arrangements. We can help you understand your rights, obligations or any areas of concern within the contract to ensure you have an accurate idea of what you are committing to.

Assisting you throughout the entire process

A lawyer can help you execute even the most complex of business sales and purchases. We can conduct all legal aspects of the sale or purchase from pre-contractual advice to settlement. Our goal is to put your bests interest first and ensure you are supported and informed throughout the entire process.

Frequently asked questions

When you consider purchasing a business it is in your best interests to seek legal advice before committing to a contractual arrangement. Too often, people sign contracts relating to the purchase or sale of a business without understanding how the contract operates. It is therefore important to seek pre-contractual advice so you understand what is required of you. A lawyer can help you take note of key elements of the contract that you may not otherwise notice.
Taking people on face value when purchasing a business without conducting proper checks and balances is fraught with financial risk. If you are considering purchasing a business, you should conduct necessary due diligence to ensure you understand the nature of the business being purchased. Engaging in a suitable due diligence process allows you to investigate the relevant aspects of the business, such as its structure, operations, financials, assets, existing customer and client base, existing contracts and any liabilities or risks.
You do not need a lawyer to purchase a business, but it is strongly recommended that you seek legal advice before doing so as the process can become very complex. If you do not conduct proper searches or check the contract thoroughly, you might miss key pieces of information that would alert you to an issue with the business. Lawyers have experience in understanding the process, so by seeking legal advice, you could avoid major issues that may occur in the future, and you can feel confident moving forward with the purchase.
Many elements are taken into account to determine the value of a business. This includes the financial history, cash flow, the value of assets and equipment, the condition of the store, lease terms, location of the store, any competitors and the current economy. Transactions of similar companies are also considered.
Many small businesses fail within the first few years. If you purchase a business that is already successful, you can reduce a lot of the risks associated with starting your own business that may lead to failure. An existing, successful business already has a track record, a business model, customers, trained employees and profit. If you purchase an existing business you will start off with profit, whereas if you create your own business it can take time before you make a profit.
Disadvantages of buying an existing business depends on the business. If you buy an existing business that has outstanding contracts or poor public image as a result of the previous owner, this will be a disadvantage. This is why it is imperative to research the business you plan on purchasing so you are aware of any disadvantages the business may bring you.
Owning a business is hard work and it’s important to consider if you are ready. Some questions to ask yourself before purchasing a business are:

- Do I have the necessary skills to own a business?
- Do I have the time to put effort into the business so it will be successful?
- Am I physically and emotionally ready for the pressure and work hours of owning my own business?
- Will owning a business help me reach my personal goals?
- Do I have enough money to invest in a business for it to be successful?
- Can I commit to the long-term requirements so my business can flourish?
Once you have determined that you are ready to own a business and you have researched and sought legal advice (if you wish to), you will make a final decision on whether you wish to make an offer to buy the business. You may negotiate the price with the seller before coming to a final agreement. When you have agreed on a final price, you will need a contract so the agreement is legally enforceable. This ensures you and the seller understand the terms of the agreement, such as the price of the offer and the method of payment.

Why choose us

We will tell you the truth at all times

We will be honest with you about your prospects of success, issues that arise or the commercial viability of your matter. The first time you come to see us, we will tell you whether you even need a lawyer.

We will respect you and your situation

Our job is not to judge anything you may have done. Our job is to guide your matter and actions moving forward to give you the best possible outcome for you, both legally and personally.

We will listen and understand your needs

We will hear not just what you want to achieve, but why you want to achieve it. We will tell you what you need to do to achieve the outcome you are after, legally, practically and emotionally.

We will stand by you all the way

Your matter doesn’t finish once a court order has been made. We will stay on your matter right up until all of the outstanding issues have been dealt with and the court orders are complied with.

We can help you through all aspects of buying or selling a business

Forge Legal’s business lawyers are specialists in all areas of business law and can assist you with all business law matters.

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Trusted by thousands of clients

I needed a business lawyer I could trust. And I trusted Forge completely.

Andrew Roberts

In our most stressful times Forge’s business lawyers guided us through.

Michael Whittington

I was surprised by Forge’s complete service. They were so much more than just great business lawyers.

Patricia White

Need to talk to a business lawyer?

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