Looking to purchase a business?

Purchasing a Business

How exciting! Our team is ready to help you streamline the steps involved.
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How long does it take?

Ideally allow 6 weeks ore more before the takeover (settlement) date

Who's Involved?

  • You and your lawyer and a member of our property team
  • Your bank (if you are obtaining finance to complete the purchase)
  • The seller (vendor) and their lawyer or conveyancer and agent
  • The landlord and their lawyer and leasing agent (if they are represented)

What's the process?

Taking your instructions and reviewing the documents

We’ll catch up to discuss your proposal and review the draft contract for the sale of the business (which is usually prepared by the vendor’s representative). We’ll also go over the lease and make sure you know exactly what you’re getting into.

If any amendments are required ,we'll negotiate these and then make sure the contract is properly signed.

Steps to prepare for settlement

We’ll work together to make sure that any of the vendor’s suppliers or lenders do not have security over the plant and equipment, stock, and any other property you are buying.

We will work with the other parties to make sure the landlord consents to you taking on the lease at the business premises, and help you with any other transfers, licences or permissions we need to obtain (such as franchise agreements, liquor licence, food premises licence and transferring the business name). We’ll also make sure you understand what you need to do when it comes to existing employees of the business.

Every business has different requirements so there’s likely to be other due diligence steps we’ll need to help you tick off.

Settlement and beyond

You’ll conduct a stocktake if necessary and make sure that you’re happy with the condition of the business goods you’re buying. We’ll help calculate adjustments for rent, employee entitlements, and rates and outgoings, and make sure the right documents are provided to you at settlement for you to take over the business and start to occupy the premises. We’ll help you record any key dates when it comes to the lease in your calendar (and when the time comes we’d be happy to help you tick of these jobs too).

 

What to have in order

  • A copy of the draft contract and the existing lease (if you have these already), otherwise full name and contact details for the other party or their lawyer or agent.
  • Details of your purchasing entity (if you’re purchasing in a trust or a company).
  • Contact details of your banker (if you are obtaining finance to complete the purchase).
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Our Purchasing a Business Team

Meagan Compton
Rebecca Alexander
Shaun Moloney
Grace Spokes
Ashleigh Goodwin
Nicholas Lenehan-Anderson
Lauren Mayer