Purchasing a business is an exciting life event, but it can quickly become a nightmare without legal support. Buying businesses is risky, especially if you don't have a deep understanding of commercial law. Scammel and Co's lawyers can help mitigate these risks and ensure the purchase meets your needs. Here's how we do it.
You'll find all the essential purchase information in the sales agreement. This includes items such as a goodwill valuation, details of assets and liabilities, and the purchase price. But the devil is often in the details. You'll undoubtedly find clauses regarding non-competition in local areas or intellectual property.
Sometimes, these clauses can affect how your business operates and its success. Our lawyers go over your sales agreement with a fine-tooth comb, ensuring you understand and accept all of the terms. There will likely also be clauses regarding the sale's completion and each party's liability should it not go ahead.
Legal advice regarding commercial law is designed to protect your investment. But commercial lawyers also perform a lot of work to analyse the business you're planning to buy. This includes analysing financial records and assessing future viability.
They'll also check the business structure and ensure it meets your needs. Ultimately, it's about minimising your risk, so our lawyers leave no stone unturned when determining whether a business is a good investment.
A crucial part of purchasing a business is understanding its liabilities. Many businesses have debts that the new owner must take on, so you need a clear picture of what's owed. Scammel & Co.'s lawyers ensure you have the complete picture when purchasing a business. This helps you to budget and conduct a more accurate financial analysis.
Contact our team today if you’re considering purchasing a business. We’ll help you navigate the complex world of commercial law.
*This information is current at the time of publication. For accurate legal advice, please contact Scammell & Co on 08 8440 270.
