BUSINESS SALES - GLG Legal Staging

TRUST A GLG LEGAL BUSINESS SALE LAWYER

Appointing a commercial solicitor early in the negotiation and prior to entering into a business contract is advantageous. At GLG Legal, we can help our clients understand the transferral of assets, such as property, equipment and naming rights, and identify all liabilities, such as leases and creditors, employee arrangements and more. We also ensure that any intellectual property (such as business names or logos) is dealt with accordingly during the sale process. Apart from the initial decision to sell, putting together a business sale contract is the most important part of the entire process.

There are important steps to undertake prior to the sale, these include (but are not limited to) reviewing your existing business contracts and agreements. Did you know that creating a pack of documents for potential buyers can also simplify the process and increase the chances of a sale? A GLG Legal business sale lawyer can assist with business sale contracts, Confidentiality Agreements, and Offer and Acceptance forms – all to provide buyers with greater confidence in your business.

Considerations To Have Prior To Selling Your Business

Selling a business requires you to assess and evaluate multiple elements. Business owners who plan on ‘how’ and ‘when’ they want to sell their business often gain the most benefits when selling. These business owners will often implement strategic plans that ensure their business is in the best condition to earn more profits.

Such strategic plans that enable the business to become more attractive to buyers may include but are not limited to:

Creating and marketing a unique product
Having a strong online presence
Having a reputation for high-quality goods and services
Developing plans for business growth
Having contracts in place with distributors and clients
Signing short- or long-term leases – depending on your industry and what is considered preferable.

By implementing strategies and acting upon the advice of legal and accountancy experts, you will be able to mould your business into one that is more attractive for buyers in the market. As one of Brisbane’s top commercial law firms, we are more than capable of assisting you with these services.

What Can You Do If You Do Not Want To Sell Your Business?

Selling your business may not always be in your best interests due to a downturn in the market or if your business is not performing as well as it had previously. Some business owners with a strong attachment to their business also might prefer to remain involved in the existing business to some extent.

Our experienced business sale lawyers are able to advise you on the alternative options that are available (if you do not wish to sell), including:

Restructuring
Refinancing
Selling business assets
Mergers
Becoming a public company
Developing exit strategies

What Happens When A Purchaser Wishes To Conduct Due Diligence Investigations On Your Business?

During business purchases, the purchaser will most likely conduct due diligence investigations on your business under the advice of their lawyers. Prior to the commencement of the investigations, the period of time and what investigations the purchaser will be conducting will be outlined in a Letter of Intent.

The due diligence process enables the purchaser of your business to assess whether your business is worthwhile to the purchaser. They will often request access to business records and documents regarding the finance, assets, and operations of your business.

As the purchaser will be seeing confidential information about your business, it is important to seek advice from a lawyer who will be able to assist in the drafting of a non-disclosure agreement. This will prevent the purchaser from disclosing information they come across in their investigations to your competitors.

What Legal Documents Are Required In Selling A Business?

Depending on the size of your business, how it is structured, and how you wish to sell the business – these all impact what legal documents you will require when selling your business. Our lawyers at GLG Legal are experts in business sales. We can assist you with preparation of the following legal documents (that you may require include but are not limited to):

Franchise agreements;
Employment contracts;
Leasing arrangements (including leases and sub-leases of both equipment and business premises;
Contracts with clients and distributors;
The sale contract agreement

As many businesses rely upon oral agreements, it is important to ensure that such business sale agreements are drawn up into legal documentation prior to selling your business, as this will provide certainty to the purchaser that such arrangements exist.

Conclusion

A unitholder agreement is fundamental to any unit trust but are often overlooked when a unit trust is created. We urge all unit trusts to create a unitholder agreement as, without one, your unit trust will have the inherent risk of not being able to resolve a disagreement between unit holders. It is important to have your unitholder agreement drafted in the early stages of your unit trust, so as to avoid expensive litigation should there be disagreements already that cannot be resolved.

Our lawyers at GLG Legal have extensive experience in reviewing and drafting unitholder agreements. We are aware that not every unit trust is the same and take the time to understand the purpose and needs of your unit trust when drafting your unitholder agreement.

If you are thinking about creating a unit trust or need legal advice on a unitholder agreement, contact our office today to have one of our expert lawyers guide you through the agreement to ensure that your interests are protected.

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WHY CHOOSE GLG LEGAL?

With years of experience assisting clients with selling businesses, our commercial lawyers have successfully navigated this type of business transaction across a range of industries. We understand the complexities and nuances of Queensland’s business landscape.

At GLG Legal, we know that no two businesses are the same, which is why we implement personalised, tailored solutions that align with your unique objectives, whether you’re selling a small business or a large enterprise, purchasing a new business or an older one. Our goal is to simplify the legal factors, guiding you through negotiations, due diligence, contract drafting, and settlement with unwavering dedication. We prioritise your interests, working tirelessly to protect your rights and intellectual property and ensure a smooth and successful business sale.

For a business sale lawyer you can trust to get the best result at competitive legal costs, get in touch with us.