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Understanding Small Business CGT Concessions: The Complete Guide
Selling a business

Understanding Small Business CGT Concessions: The Complete Guide

Small business is hard. Ask any small business owner and he or she will tell you about the hard...

Small Businesses, Hold Them or Sell Them?
Selling a business

Small Businesses, Hold Them or Sell Them?

At some stage in your business life you will encounter the situation of whether to keep your...

Selling Your Business to Private Equity vs. Selling to a Strategic Buyer
Selling a business

Selling Your Business to Private Equity vs. Selling to a Strategic Buyer

Selling your business to private equity (PE) is very different to selling to a strategic...

Selling Your Business: How to Get Agreement on Price Using an Earn Out
Selling a business

Selling Your Business: How to Get Agreement on Price Using an Earn Out

Forbes Magazine said recently that the number one reason businesses fail to sell is because the...

How to Sell a Business
Selling a business

How to Sell a Business

"Start with the end in mind."  That’s the key to selling your business for its maximum...

How to Organise Your Business Before Selling
Selling a business

How to Organise Your Business Before Selling

For retail SMEs, organise your store arrangements and check your intellectual property arrangements...

Is It Time to Breakup With Your Business?
Selling a business

Is It Time to Breakup With Your Business?

Starting a new business is one of the most hopeful things you can do. Just like a new romance,...

What You Should Know When Selling Your Business
Selling a business

What You Should Know When Selling Your Business

If you are considering selling your business it is most likely for one of two reasons; because the...

Top Ways to Increase the Value of Your Business and Make it More Attractive to Buyers
Selling a business

Top Ways to Increase the Value of Your Business and Make it More Attractive to Buyers

When selling your business you will want to get the best possible price. You have put blood, sweat...

Selling Your Business: Your Value Proposition
Selling a business

Selling Your Business: Your Value Proposition

Why would someone buy your company?  The real answer is that it is cheaper and faster for them to...

Selling a business

Contract law regulates the sale of all property, including businesses. In order for a sale to be legal and effective, the agreement must include an offer, an acceptance of that offer, an intention to create a legal relationship and consideration. Consideration is some sort of benefit to the party, and is generally a financial sum. Selling a business should be conducted precisely and in writing to ensure that the terms are fully understood and agreed upon. If you are selling a business you should be sure to involve a lawyer and an accountant so that they can advise you when it comes to making important decisions.

What issues can arise when selling a business?

You need to be sure that the documentation transfers all the relevant assets and liabilities. The assets will include any property, equipment, fixtures, fittings and intellectual property that the business owns. The liabilities will include debts to creditors, and any existing contracts.

You must be careful when making statements about the business prior to the sale, as if those statements are not true they may expose you to an action for misleading or deceptive conduct or misrepresentation.

How can a lawyer help me when selling a business?

Your lawyer will help you negotiate and draft an agreement with the other party. They will examine any offers or terms put forth by the other party and assess their legality and consequences, offering you valuable advice on how best to approach the negotiation. They will also recommend what to put forth in your own offers and any terms you need to include in the agreement.

A lawyer protects your interests by preventing the other party from taking advantage of you in any way and they also help to ensure the agreement reached is legal and enforceable.

How can an accountant help me when selling a business?

If you are selling a business, an accountant will help you prepare your books for the buyer. They will assist you in meeting your reporting obligations and winding up your involvement in the company when the new owner takes over.