You’ve put a lot of effort into creating and growing your business. So when you go to step down or sell it outright you deserve to be rewarded for your hard work. The key to maximising your potential profit from selling your business? A commercial lawyer.
Selling a business in Geelong
Undoubtedly, selling a business is complex. There are many legal implications to consider before selling:
- Trading history
- Trademarks
- Property leases
- Terms of trade
- Reputation
- Employees
It’s easy to become overwhelmed navigating the sale of your business. Thankfully, a commercial lawyer can assist you with the legal process of identifying any things or paperwork such as a Sale of Business contract that need to be completed before you sell.
Settlement adjustments
You have found a purchaser for your business and they are ready to sign and hand over the money. Great news! Now as the vendor you need to complete some key steps to ensure a successful sale settlement is reached.
- Granting a new lease or transferring the existing lease
- Transfer the intellectual property of the business
- Transfer licences and utilities
- Transfer existing business contracts with third parties (if agreed to)
- Authorise use of the business premise
- Create a list of equipment that will be transferred to the purchaser
- Paying any outstanding entitlements to employees who they terminate on or before settlement
- Providing information to requisitions before settlement
These are just a few of the steps a vendor typically needs to take to finalise a business sale settlement process. So to make sure all the i’s are dotted and t’s are crossed to safeguard you and your business during the sale process engage an experienced commercial lawyer in Geelong
Commercial lawyers in Geelong
Ensure all your paperwork is completed and settlement tasks are done correctly to minimise the risk of a dispute post-sale.
Contact the knowledgeable commercial lawyers at Whyte, Just & Moore for a stress-free business sale. Call 03 5222 2077 or email info@wjmlawyers.com.au to set up your appointment.
Whyte, Just & Moore – providing legal advice and expertise to Geelong, the Bellarine and Surf Coast businesses for over 140 years.
