Why You Should Hire a Lawyer When Selling a Business

You’ve dedicated a great deal of time and effort to growing your business into something you can be proud of. Whether you’re planning to step down or eyeing up your next business venture, when the time feels right to sell your business you want everything to go smoothly so you’re left in the best financial position possible. After all, you deserve to be rewarded for all your hard work.

Selling a business or company, whether a large franchise or a small business, can be a complex and stressful process for all parties. There are many legalities and principles to consider—from trademarks to trading history, employment contracts to reputation—so it’s important you receive legal advice before you commit to selling your business.

P&B Law are business lawyers based in Melbourne who are dedicated to helping make the sale of your business as stress-free and profitable as possible. We help you with negotiations, contracts and other legalities, directing you through the sale of your business and guiding you on issues to maximise the value of your operation.

Selling a business – typical issues

Selling a business can be complicated. Issues associated with selling a business depend on a number of aspects, which may include (but are not limited to):

● Planning your sale
Have you obtained sound legal and accounting advice prior to engaging a business broker or advertising your business for sale?

● Reputation
Does your purchaser have any cause for concern?

● Trading history
This is an essential part of establishing your credentials in claiming goodwill.

● Business plan
Have you created a well documented business plan detailing opportunities and areas for expansion?

● Trademarks
Do you have legal protection of your product or service logo? Can it be easily distinguished from those of your competitors?

● Key sales contracts
It’s prudent to properly document key sales contracts with major customers.

● Property leases
Have you ensured you have a right to remain at the location well into the future?

● Terms of trade
Are your terms of trade well documented, providing you with adequate
protection and retention of title clauses?

● Key personnel
Ensuring any key personnel have well drawn employment contracts to ensure a smooth business transfer.

As experienced business lawyers in Melbourne, we will guide you through every step of the process for selling a business to minimise risk and achieve the best possible outcome.

How we can help you sell your business

At P&B Law, we’ve been helping our Australian clients sell businesses for over 25 years. We have extensive experience in business law, and we know how challenging it can be for business owners to navigate the process on their own.

Whether you’re a successful start-up, planning to sell a franchise, or looking for advice on business litigation, hiring a lawyer when selling a business will ensure the whole process goes as smoothly as possible. We’ll help minimise your exposure to liabilities, create a water-right sales contract and everything else required to ensure a smooth transfer.

Ready to sell? Get in touch with our team of Melbourne-based business lawyers today. contact us on: (03) 9692 9888

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COVID-19 Update

COVID-19 Update

Please be aware that due to the spread of Covid – 19 and on the recommendation of Government the decision has been made that from 5pm Wednesday 8 July 2020 to close the office once again to help slow the spread of the virus.

During this time our team will continue to operate remotely and can be contacted by email, on their mobile phones or through our website. All ongoing files will continued to be worked on and new work is always welcome.

We ask for people’s understanding in these uncertain times and hope everyone stays healthy.