For buyers and sellers of businesses in Victoria, our service covers you from contract signing right through to settlement
Step 1: Determine the type of business
- As a law firm we are well qualified to assist you on the transfer of ownership when you sell or purchase a business. The legal principles of buying or selling a business are similar to transferring ownership of property. Depending on the type of business, there may be other assets/property that are included as part of the purchase or sale. For example, there may be licences or leases that form part of the transaction.
- Our conveyancing services include a free initial discussion to determine what type of business is involved. From our experience, these may be franchises, standalone businesses or businesses with specific licenses.
Step 2: Tell us about your specific situation
- We will arrange an initial discussion with you to understand your specific situation. We will want to understand the involvement of any banks, franchisers, regulators, inclusions or exclusions (such as plant and equipment), the current ownership structure, details about the counterparty and basic tax status information.
- Our conveyancing services include a free initial discussion where we will be able to provide you with initial advice. From this discussion, we will be able to determine the parties who will need to be involved in your title transfer.
- At this point we will be able to provide you with a quote for our conveyancing services fee.
Step 3: Prepare paperwork for the sale or purchase
- We may have further documentation and information which we require from you. Following our initial phone call, we may request further documentation such as tax or accounting information, licensing agreements or leases.
- Our conveyancing services include coordinating information between the counterparty, banks, government departments, council, and utilities providers (such as water, electricity and gas services).
- We will keep you informed along the way, but you can rest assured that we will take care of this entire process for you.
Step 4: Finalise and effect the business sale or purchase
- The final step is lodgement of documentation.
- Once the documentation for business sale or purchase is submitted and all parties are happy, the paperwork is stamped, and any funds are released. We will advise you when the title transfer is complete.
- Our conveyancing services include setting up and arranging all lodgement documentation on your behalf. We will take care of the entire process to ensure that the title is transferred as smoothly as possible.
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Fixed fee conveyancing – selling or purchasing a business
We pride ourselves on being transparent with our clients. Once we provide you with a quote, our fees are final and include all disbursements and GST. We will take care of the entire conveyancing process with no hidden charges.
We will need to speak with you first about your specific situation before we can advise you of our fees. The costs of selling or purchasing a business depends on many factors including any potential licensing, number of parties involved, franchising, leasing or equipment which may be involved in the transaction. Once we understand your specific situation, we will be able to give you a fixed price quote for the sale or purchase of your business.
Please contact us for a free initial discussion and conveyancing quote if you are contemplating selling or buying a business.
Does the seller of the business in Victoria have to provide exact and audited financial data about the business and its profitability?
As a general comment, sellers of a business are required to provide a prescribed set of disclosures relating to the business and these disclosures must be accurate to the best of the sellers knowledge. Depending on the type of business being sold, some of the financial information provided may be more detailed and be subject to greater external scrutiny than others.
Are there specific requirements I need to meet in order to buy or run a business in Victoria?
This will depend on the type of business you want to buy. For example if you are purchasing a business selling wine and other liquor you will need to maintain a liquor licence; if the business will also serve patrons alcohol, then you as an individual for example might need to also obtain a responsible service of alcohol certification. It is important to do your research on all the different requirements applicable to the business you are looking to buy.
How can I best conduct research on a business in Victoria before buying?
There is no set way, but it is important to ensure you find out as much as you can to ensure you make an informed decision when buying a business. Some things to think about include looking into the market and its main competitors, assessing the risks associated with the business’s future trading, talking to customers and suppliers or visiting the business at different times of the day or week to get a sense of revenue inflows and sales activity.