Conveyancing.com lawyers will identify any issues with zoning or council laws. We thoroughly review all documents to ensure you're getting what you paid for. We identify any intellectual property of the business and make sure it's protected.
Our conveyancing service is primarily conducted online, and we'll keep you in the loop with instant status updates on documents. Paperwork is sent with ease thanks to our email and online platforms. Online conveyancing can be done from anywhere in Australia.
Save valuable time with no face-to-face meetings required. Paperwork is sent and reviewed online for a faster turnaround. Faster response times between you and the conveyancer.
With the right knowledge and experience, we know what can go wrong. Conveyancing.com lawyers will take care of all the legal research and investigation required for your business transaction. From the condition of the property to business name registration, all details are reviewed to ensure you're getting what you paid for.
Unlike regular conveyancers who can only offer transactional advice, our lawyers can provide you with specialist legal advice. It's our duty to take care of the client's best interests when it comes to the purchase or sale of a business. With great legal advice and guidance, we can save you thousands in the long run for a business transaction.
You'll get a dedicated team of professionals on your side when you enlist the services of Conveyancing.com. As business law specialists we can assist with all of your needs in a business sale from investigating and checking the property to document reviews.
The process of commercial conveyancing begins with negotiating the contract of sale and continues until the transfer has been registered correctly. We manage commercial transactions of this type and by doing so, are able to speed up the process and minimise financial risk.
When working on behalf of the seller, we will prepare the contract of sale. This contract sets out the description of the property, price, warranties and other terms and conditions. The buyer’s solicitor or conveyancer will then review the contract and negotiate any changes before the parties sign and the buyer pays the deposit.
This process is known as the ‘exchange of contracts’. During a cooling off period, a buyer may elect to withdraw from the contract, forfeiting a small portion of the purchase price, but without legal penalty. Thelaws for this period can vary state-by-state. Sellers often ask purchasers to issue a certificate to waive or shorten this cooling-off period.
Contracts need to meet certain criteria for conditions concerning financing and a variety of property searches. Searches are typically ordered by the purchaser.
We can arrange for these searches, which can include a title search, zoning search, strata plan search and a historical search. The buyer’s obligation is not fixed until the contract conditions are satisfied.If the project is to be financed, as a first step, many buyers will arrange for financing. Using our extensive network, we can refer you to obtain appropriate advice in this regard.
Property transfer documents are signed and you can move into your new property on settlement day. A property purchaser is entitled to a pre-settlement inspection which we can arrange.
If sold with vacant possession, the seller must ensure the premises are empty, clean and tidy at the time of settlement. If the purchaser is not satisfied with the condition of the property, they can delay settlement until the matter is resolved. Neither party can terminate the contract immediately for such a breach.
Final settlement figures may not be available until the day of settlement, but we ensure our clients are kept updated on the costs throughout the period of representation. Before settlement, purchasers will prepare and finalise settlement figures and cheque details before arranging a time and location.
On settlement day, the buyer, seller, and lender exchange important legal documents, and the remaining purchase price is paid.
We attend on behalf of our client along with representatives for the other party and for the mortgagee.
This is done to receive the final payment on the mortgage or to secure their rights on the new mortgage.
After settlement and after all purchase money is received, we arrange for keys and other access devices, including, garage remotes, and security alarm codes to be delivered to the buyer.
Relevant authorities are then notified of the change in ownership and transfer documents are lodged with the State Revenue Office. The latter is usually carried out by the buyer’s lending institution.
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We provide you with crucial legal advice every step of the way for any issues identified.
Our conveyancing service is conducted online with no reliance on face-to-face meetings.
We've worked with clients from a diverse range of businesses and franchises.
Some Conveyancers may only have a diploma in conveyancing, the minimal requirement for conveyancing.
Conveyancers are not permitted to give you legal advice as part of their service.
May rely on face-to-face meetings that prolong the conveyancing process.
Not all conveyancers specialise in business sales or have any certifications in business law.
Preparation is the key when preparing to sell a business. It's important to eliminate as much debt as you can, to identify any possible weaknesses and gather all the important financial documents for potential buyers to examine. The more debt you can eliminate, the better the financials will look to potential buyers.
The buyer may ask for any debt to be paid with proceeds from the sale, so it is better to take care of it now. This may make cash tight until the sale, but it may not be a bad thing as it will force you to tighten the budget, increase the working capital, and increase the business’s overall valuation.
Each and every business has weaknesses and potential buyers will be quick to point them out. The best way to deal with this is to identify them and take action before selling. If this is not possible, you should be upfront and provide a plan on how to potentially overcome the weaknesses.
Most buyers, particularly those with experience, will want to see you are prepared for the sale before they take a look at the business. The business's books must be clean and look professional while projections of at least 3-5 years should be provided to demonstrate future business growth opportunities.
Consider preparing a data room online that keeps all of the financial information securely for potential buyers to see. This not only provides easy access for potential buyers within minutes, it also helps you keep all of your data organised and secure. All you have to do is grant them access to the data room.
One of the best methods for determining the value of a business is to multiply the seller’s discretionary earnings by an industry multiplier.
These multipliers generally range from 2-5 times or more and depend on the specific industry in which the business operates. The more opportunities an industry has, the higher the multiplier.
The valuation of a business is a combination of the ability of that business to produce future cash flow and the market value of the relevant industry or product.
Every sale is different and it’s difficult to know exactly how long it will take to sell an individual business. On average, businesses take at least 6-9 months to sell, starting from the time you actively start looking for a buyer.
To be conservative and safe, it is best to assume a year from the start of the process to the completed sale of your business. The length of time isn’t necessarily tied to finding a qualified buyer - it’s a matter of finding the right buyer for your business.
It should be limited to a few key documents because it is important not to divulge too much proprietary information until you know the buyer is qualified.
A YTD income statement shows business revenues, costs of goods sold, operating expenses, as well as operating and net profits. Potential buyers will look at this document when assessing profitability and valuing the business using industry multipliers.
A YTD balance sheet breaks down the assets of the business, such as equipment, money owed business and goodwill, and its liabilities, such as loans, debts and other money the business owes. This document provides buyers with a one-stop resource for seeing the assets and debt of the business.
A YTD cash flow statement is a breakdown of all money that comes in and goes out of the business. It provides the operating, investing and financing cash flow for a business and can answer a lot of potential questions buyers will have.
Buyers want to confirm that all taxes for the business has been filed and paid. Tax returns for the last three years should provide them with enough proof. Buyers will look at details such as revenue, net income and tax payment numbers to confirm that the financial statistics provided with the financial statements are correct.
All of the above information should be kept in a deal summary deck or book. This should include a summary and explanation of the business and even list how it stacks up against the competition. Include anything in this summary that makes the business look great.
Different industries require different agreements or contracts. As a minimum requirement, you’ll need to start with a non-disclosure agreement for potential buyers and draft a purchase agreement to close the transaction. Some of the contracts you may need to draft are:
You will also need to draft other documents that aren’t contracts, like your closing details sheet, which buyer and seller will need to sign off on before closing.
Ask one of our conveyancing lawyers.
