Selling or purchasing a business is never a decision that should be taken lightly. Quite often a business represents years of hard work, struggle and ambition to create what it is you first set out to achieve. It is so important that when a contract for the sale of a business is created it is structured in a way to minimise issues that may arise post sale. Here at Page Conveyancing we take everything into account and do not leave a stone unturned when creating or reviewing a business contract.
When you are selling your business Page Conveyancing will help you with transferring all ownership of the rights, business name, responsibilities and assets of the business. It is imperative to ensure that the licences, trademarks, patents and lease are also transferred. The business premises or lease of premises will also have to be transferred along with any fixed assets and/or stock. Employment contracts are another factor that have to be taken into consideration in which we will discuss with you in a friendly and transparent atmosphere.
When purchasing a business there are a large number of possible pitfalls that could cause issues throughout the process. As with selling your business much of the same transfers need to occur. It is important to ensure that if there is a lease, in relation to a business premises, that the condition’s are reasonable and fair such as the term of lease, rent being at a reasonable market rate, all outgoings are to be adjusted at settlement and that the premises has permitted use from the council.
“The complexity involved when transferring a business from one party to another depends immensely on a number of factors. Unlike real estate transactions, no two business transactions are the same and therefore have to be assessed accordingly.
At Page Conveyancing, we have handled all types of business transactions – from the corner fish and chip shop, to large franchises such as Dominos and Red Rooster”