Buying a business is thrilling and nerve wracking experience. You will be working for yourself which is thrilling, but at the same time, you will solely be responsible for success or any faliure in the venture, which is nerve wracking. You have to invest a lot of money to purchase a business and sometimes may need to take loan against a personal asset. So, if you have decided to become a business owner then it is really important to get your business purchase agreement right.
We at Commercial Lawyers Perth, have a team of contract lawyers who are very passionate about their work. From the minute, you contact us you will experience a level of professionalism and service that will straight away make it obvious that you are respected and valued part of the procedure.
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Business sellers usually prepare the business purchase agreement through their lawyers. In such cases, remember that the lawyer will try to get the best deal for its client and not for you.
When you are investing a lot of money and taking a big risk, it is always advisable to have your own lawyer check over the business purchase agreement before you sign it. The agreement should always fit the needs of purchaser. Certain things that you must ensure is present in your agreement:
- What you are buying, purchase price and payment terms;
- Subject to finance – whether the purchase is subject to third party finance (a loan);
- What type of intellectual property is included in the sale – like copyright, trademarks, patents, etc.
- Clients contract which is included in the sale
- Whether buying the assets or the businesses, or the actual company that runs the business.
- Seller’s involvement in the business after the purchase
- A restraint of trade clause comprising a non-compete and non-solicitation clause.
For any further queries or more information, feel free to contact us at Commercial Lawyers Perth. We help with all types of legal contracts.