What can business brokers do to reduce delays with completion of business sales?
Here are some suggestions.
Get the Seller to:
- speak to their accountant regarding GST (going concern) and CGT
- get due diligence ready
- prep for the usual buyer contract terms e.g. restraint of trade, usual warranties;
- address shortfalls in the lease – find out the lessor’s requirements – arrange a meeting;
- provide an exhaustive inventory list and make sure they own the business assets;
- ensure all assets of the business are in good working order;
- ensure the business name(s) are registered;
- contact financier regarding security over the assets or company charges;
- ensure all licenses to run the business are in place and no requisitions exist;
- provide all employee/entitlement details.
Get the Buyer to:
- get pre-approved finance;
- speak to their accountant/solicitors about GST (going concern) and structuring;
- speak to their solicitors about the buying process and provide you their details;
- consider stamp duty and other transaction costs.
What to do next: If you need help with dealing with procedures, or for all queries regarding business sales and assistance, call Joe Kafrouni on 3354 8888 or email [email protected]
The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. A business broker should always consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.
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