Updated: Aug 8, 2019
Signing a contract to buy or sell a business can be an extremely daunting process. Unfamiliar terms and hard to understand legal lingo can cause extreme stress.
For the buyer the contract presents an opportunity to set the road course, or map, so to speak for the entire business sales process. You can elect to cross certain bridges at certain times, ensuring all the while that you are not put in any situation where you suffer loss or risk.
For the seller the contract also represents an opportunity to ensure that the buyer strictly adheres to proper buying protocols such as not speaking to staff, or competitors until after settlement has occurred.
For these and many other reasons it is very important that you use a solicitor who practices business sales often, and who is familiar with the process.
Whilst many solicitors covey property transactions daily, few perform business sales on any regular basis. Engaging with a solicitor who understands the process can save you thousands. Conversely, engaging with a solicitor who in inexperienced in this area could cost you a fortune.
When its time to decide who to choose, choose wisely. Ask your business broker, or other business owners to recommend a solicitor who regularly engages in Business Sales Contracts.
Related Tag: Business Brokers Gold Coast