Buying a business

When buying a business, buyers should consider:

  • Negotiating a sale agreement, usually drafted by the seller
  • Restraint of trade clauses to stop business in competition
  • Assets such as property, equipment, fittings and rights to use names
  • Liabilities to creditors
  • The risks of the business
  • Leases and assignments from seller to buyer
  • An independent valuation the business
  • Whether the price of the business is fair
  • Tax issues, including GST
  • The structure of the seller
  • Conducting due diligence checks
  • Staff and current employment agreements
  • The WorkCover record of the business
  • Licences, patents and trademarks
  • Contracts with customers
  • Whether the business has future work or contracts

In Australia, the business.gov.au website provides information on planning, starting and growing a business, whilst in NSW, the Small Business Commissioner provides a toolkit for small businesses and business management advice through Small Biz Connect.

LME assists buyers with all their needs for purchasing a business, including advising clients on the sale of business agreement, negotiating with the seller and due diligence checks.

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