Business Acquisitions and Sales
In most cases the acquisition or sale of a business is an important decision as a business is a significant asset, be it a family business or part of a larger corporation.
Contract Review & Advice
We consider it important that your rights and liabilities relating to your purchase or sale are explained early on and, preferably, before execution of a contract. We have found that many business contracts (that have been executed prior to review) contain deficiencies and/or mistakes that often cost thousands of dollars to one party or the other and may result in Litigation where both sides invariably lose to some extent, be it time and/or money. Generally, an incident such as this will leave a marked impression on those who have to experience such loss.
Acquiring a Business
When acquiring a business it is of critical importance to ascertain what it is that you are obtaining. It is important to ensure that the seller does not undermine the goodwill that you have paid for the business through competition within an area particularly relevant to the business or other means such as not selling you everything you need to successfully run the business or failing to properly disclose the accounts of the business.
Other issues such as employees and debtors create such a minefield to negotiate prior to obtaining your new business that we consider it important to clarify within the contract prior to execution. At OMB Solicitors, we can help guide you through these areas to ensure that you have the opportunity to commence your business with minimum fuss and most importantly, to get what you paid for so that you can start making money.
Selling a Business
In relation to sales, the law relating to disclosure and misrepresentation is of particular importance given the ramifications available to a purchaser if you fail to adequately address these issues.
At OMB Solicitors, we can assist and ensure that (through consultation with you, during the drafting process) your contract for the sale of your business is valid and contains the relevant requirements. We can advise you in regards to any areas that require your attention and we can assist by drafting special conditions to suit your specific requirements.
At OMB Solicitors we have found that the majority of business sales that ultimately result in litigation tend to occur as a result of poor planning and preparation of the contract of sale. Don't fall into this trap!
Contact our Commercial Team TODAY!
Commercial Law News
See attached news articles by OMB for more information and recent developments in this area of law: