Are you considering buying a business? It’s a big decision, and you want to make sure you’re making an informed choice. At GLG Legal Springfield, our commercial lawyers can help guide you through the due diligence process to identify any potential risks and ensure you have all the necessary information about the business. Owning a business can be challenging, but with the right support and guidance, you can set yourself up for success. Let us help you navigate the process of business conveyancing so you can focus on your future as an entrepreneur.
What Is Business Conveyance?
Business Conveyancing is the legal transfer of business ownership from one person to another. It’s more than just ‘giving the keys and making introductions’. Everything needs legal assistance to confirm that the sale and transfer of management have been completed. A lawyer must be present for approval of the contract. There are three steps to follow, which are explained below:
1. Pre-Contract Settlement
Before anything official is signed and written, the buyer and seller of the business owners will discuss the terms and conditions. After everything is discussed, everything has to be officially written in a contract, which is where a lawyer steps in.
Always remember not to sign a contract you haven’t read. Before signing, the conveyancer should thoroughly read the contract to give feedback. If everything agreed upon is present in the contract, everything will be good to go. But if there are revisions that need to be made, they should be included in the final contract.
2. Settling the Contract
The contract should provide proof of the sale of the company, but it should also provide the buyer with an in-depth look at the different parts of the business. They are entitled to know how much it made that year, how much it cost to run it, and what the financial report looked like in the past year.
The financial decline may not be a problem for some entrepreneurs if they love a challenge. If the objective is to save it from shutting down, they wouldn’t mind taking the time to build it up again.
3. Payment Plan
The last thing to consider is how much the quoted price is and how to start a payment plan. Once the contract is signed and settled, the buyer can now transition to the new business owner. The former owner has to show them around the facilities, grant them access to the things they need to steer the ship and provide copies of the signed contract.
Are you ready to hand over your hard-earned business to capable hands? With business conveyancing, you can pass on the torch and maintain your legacy. Whether you’re entrusting it to a family member, friend, colleague, or buyer, you can take pride in knowing that you’ve started something that someone else can continue to uphold.
If you’re looking for the best commercial conveyancing lawyers in Springfield and the Greater Ipswich to help you navigate the process, look no further than GLG Legal Springfield. Our team specialises in business conveyancing, income protection, succession planning, and family law. Don’t hesitate, contact us today at (07) 3288 3511 for more information on how we can help you.