In the legal world, most businesses either sell their shares or their assets. An asset sale disposes of the assets of a business—selling it from one business owner to another. On the other hand, share sales are a lot more risky. When a shareholder wants to sell or transfer their shares to someone else, that’s effectively a share sale. Read more here.

Selling your business can be a complex process, and our lawyers are here to help! The steps you’ll need to consider as you sell your business assets include:

1. Before you sign the contract: We’ll help with preparing a Business Sale Agreement, and conducting relevant searches (Company Search, GST Registration, Business Name Search, Trade Marks Search, and PPSR Search).
2. Post-signing/ Pre-settlement: We’ll advise you of any steps you need to attend to, as well as drafting a letter to the Purchaser’s solicitor advising them of the steps they’ll need to attend to. We’ll also prepare or review the Deed of Transfer of Lease, schedule settlement, prepare a settlement statement and obtain the ASIC business name transfer key.
3. Post-settlement: We will be here to help with advice as to any Post Settlement steps you should attend to!

So, you’ve been running an online business and decide it’s time to sell it. It’s good business practice to consult a lawyer before you make any final decisions in the selling process. This is because selling any business comes with risks of misrepresentations, leaving out important financial information or omitting important restraint of trade clauses in the agreement.

You can read more here about selling your online business.

You’ll need to officially let your employees go when you sell your business. From there, they can choose to either accept or reject the offer of new employment with the buyers of your business. Either way, you’ll need to formally terminate their employment with you. Read more about the process here.

Our fixed-fee Sale of Business packages start at $3900 + GST. This includes assistance through all stages of selling your business assets, online legal assistance and phone consultations with an expert Sprintlaw lawyer.