In selling a business a Vendor needs to consider many things including:-
• What is included in the sale.
• Staff and staff entitlements.
• Lease and/or hire purchase agreements on foot.
• Collection of debtors.
• Stock and how it is to be valued.
• Warranties if any are required.
• Disclosure obligations.
• Leases of the property on which the business is conducted.
As a buyer you need to consider, amongst other things:-
• Are you getting what you think you are buying?
• How to protect yourself against the Vendor re-opening or poaching key staff thus affecting your goodwill.
• Warranties you require.
• Potential employee obligations.
• Your right to occupy the business premises.
• Necessary approvals or licences.
Galbally & O’Bryan can assist you in drawing or negotiating Contracts of Sale and the conveyance of the business.