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How can I best protect myself when buying or selling a business?
To protect yourself when buying or selling a business, a key document you’ll need is a Business Sale Agreement. This governs the terms of the sale and ensures you’re both on the same page.
Drafting a Business Sale Agreement to meet your specific requirements
Phone consultations with our expert lawyers
A Business Sale Agreement is a legally binding agreement that you negotiate and sign with the purchaser of your business. It is used to set out aspects of the sale such as the purchase amount, dispute resolutions, and what assets are included as part of the sale.
Often, the Business Sale Agreement is prepared by the seller of the business (and their lawyers). Read more here.
A Business Sale Agreement is a really important document to have if you’re buying or selling a business. This is because it sets out the key terms that parties are agreeing upon in the sale, such as the purchase amount, the assets that are included as part of the sale, and other provisions that reflect the details of the deal.
If you’re the buyer, a Business Sale Agreement is important for ensuring that the agreement sets out the full list of assets you’re buying and that the seller provides you with sufficient warranties. If you’re the seller, it’s important to have legal help with your Business Sale Agreement so that you’re able to stand by the warranties you’re providing, and make sure that you understand any potential liabilities that might continue after the deal.
As a first point, advice should be taken from a lawyer before signing a business sale agreement. This advice is to ensure that you and your company are well informed of all the terms of the agreement. Not only you, but that all parties are aware of the implications the agreement may have on the business’ employees and property.
Simply put, a template would be too general for niche companies and would not be able to factor in all the surrounding factors specific to your business. This package allows for you to be able to speak to a lawyer and tailor craft a Business Sale Agreement so that nothing is missed in the binding sale which could cause issues later down the track.
Our fixed-fee Business Sale Agreement packages start at $1500 + GST. This includes a Business Sale Agreeement drafted to meet your specific requirements, phone consultations with an expert Sprintlaw lawyer and a complimentary amendment to the final draft we provide to you.
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