Should you consider buying an already-established business, it had better that you consider seeking for professional advice from financial advisors, business law lawyers to ensure beneficial future for your investment. Upon your decision of purchasing a business, our team at Dev Smith Nguyen can make sure to give you an effortless journey with high satisfaction by delivering support in every single step:
– Finding potential existing business for sale
In case you might just have the intention of purchasing an existing business with little reference to possible options, as a business law firm, Dev Smith Nguyen can recommend and connect you to relevant deals of your interests within our network system as well as from various sources that you can also access to such as:
- newspapers and commercial websites
- business brokers and real estate agents
- trade journals and industry magazines
– Making professional investigation of the targeted businesses
After pinpointing some businesses for your purchase, our team at Dev Smith Nguyen will make a general analysis to each option by exploring its business sector to give you a panoramic view about the risks, trends and market conditions. There may be aspects of running a business in a particular industry that you might not have thought of.
When we have found a business that you are interested in buying, we will accompany to conduct due diligence which involves assessing the value of a business and the risks associated with buying it.
Our business lawyers will accompany to perform this examination with key aspects about the business and its sale, including:
- legal implications and tax considerations
- asking price and valuation
- financial records and accounts receivable
- sales, expenses, debts, and profit margins
- warranty and refund commitments
- business assets, equipment, and stock.
Generally, due diligence is usually conducted after the buyer and seller have agreed to a deal in principle, but before a binding contract is signed.
– Checking licensing obligations related to the business purchased
Many business licenses are issued to the business owner, not the business itself. This means that if you are purchasing an existing business you may need to apply for a range of licenses to ensure that your future operation of the business comply with regulatory requirements.
Dev Smith Nguyen’s lawyers will keep track of this matter and advise you accordingly to identify the national, state, local and industry-specific licenses, permits, approval, regulations and codes of practices you need to consider in your newly-purchased business.
Besides, we also support your operation by contacting key service providers such as utility providers (SA Water, SA Power Networks, etc.) to investigate your licensing obligations relating to the use of their services.
– Making an offer to the seller
After making all the essential research and preparation, together with you, Dev Smith Nguyen will proceed to make an offer to seller to trigger a negotiation according to the seller’s counter offer. We will support you to:
- make a decision of the purchase price limit
- remain objective throughout the process
- negotiate other conditions such as timing settlements
– Preparing a contract & Settlement
When you have agreed on a price and what it covers, you will proceed to a written legal contract that sets out what each party is agreeing to provide, in what time-frame, for what amount, and for which method of payment.
The contract may also include details about the seller’s involvement after purchase, any restraint of trade to prevent the seller opening a competing business, arrangements for current employees, and any other conditions of sale to protect you and limit your risks.
Dev Smith Nguyen will accompany by you to review the contract, discuss unclear terms and conditions for your highest interests as well as avoid risks.
Once the Contract has been signed we will then work towards settlement and will liaise with all other parties involved in the sale including your financiers. This usually includes the transfer of any other contracts that the business requires to function and the perusal of either the existing lease and deed of assignment or a new lease. We also deal with the adjustments of outgoings associated with the business and/or the lease. Employee entitlements for long service and annual leave will also be required to take into consideration.
- Keeping updated and follow-up
Not leaving you alone, our professional lawyer team in charge is committed to keep track with your satisfaction in the after-contract period. We would like to go with you through challenges and difficulties on your very first day of harmonizing with your new business. That’s why, please find no hesitation to contact us as soon as you might get into any trouble.