Business Acquisitions & Sales
In most cases the acquisition or sale of a business is the most important decision for a business owner.
Be it a family business or part of a larger corporation.
Contract Review & Advice
We consider it important that your rights and responsibilities 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. Seeking advice early, whether you’re selling or buying is crucial.
Acquiring a Business
When acquiring a business it is of critical importance to ascertain what it is that you are buying. It might seem to be a very basic premise of buying a business, but in our experience, buyers can be too ready to purchase without doing the requisite due-diligence. This process can unearth a plethora of issues, commonly the failure of the seller to not supply everything you need to successfully run the business and the failure to properly disclose all the accounts of the business.
Other issues such as employees and debtors create such a minefield to negotiate prior to obtaining your new business and it’s another reason why seeking advice early is imperative. 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.
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!