Dominic is the CEO of Lawpath, dedicating his days to making legal easier, faster and more accessible to businesses. Dominic is a recognised thought-leader in Australian legal disruption, and was recognised as a winner of the Australian Legal Innovation Index and recently a winner of the LexisNexis 40 Under 40 (APAC).
💡Key Insight
- A lawyer’s review or drafting of your business sale agreement is critical because the document legally defines the terms of the sale, clarifies asset and liability transfers, and helps avoid disputes by ensuring clarity, precision, and compliance with relevant laws.
- Without legal expertise, important details such as obligations, restrictions, and liabilities may be overlooked, increasing the risk of unintended consequences or disputes post-sale.
- Expert legal review helps identify and address potential risks, including hidden debts or ambiguous clauses that could expose you to liability or unfavourable terms.
- Engaging a lawyer can also facilitate a smoother transaction by leveraging their knowledge of business sale practices, negotiation dynamics, and industry norms to protect your interests.
Are you considering purchasing the business you’ve always dreamed of or ready to sell your existing business? If so, you’ll need a Business Sale Agreement that has been reviewed by an expert lawyer.
A Business Sale Agreement is an essential document that sets out the terms of the sale of a business, making the sale legally binding and official. If you are going to buy or sell a business, it is crucial that you set out the terms and conditions of the sale clearly. This helps avoid subsequent disputes and ensures that the transaction proceeds smoothly.
The process of buying or selling a business is often quite complicated. When you purchase or sell a business, you are not just exchanging the right to trade under a business name. You will also be exchanging a wide range of assets that come along with the business.
When you have a lawyer review your business sale agreement, you reduce the likelihood of unintended consequences associated with your transaction. We all know someone who has received the short end of the stick because they didn’t fully understand the terms and conditions they were agreeing to.
Create an account now to customise, print and download your Business Sale Agreement in minutes.
Problems That May Arise If You Don’t Have A Lawyer Review Your Business Sale Agreement
If you don’t have a lawyer review your business sale agreement, you leave yourself vulnerable to missing crucial details. An experienced commercial lawyer will be able to pick things up that may go unnoticed by someone without experience in the legal industry.
For example, if you are purchasing a business from someone who is trying to hide outstanding debts owed by the business, you may inadvertently take on the debt yourself as a result of the transaction. When large sums of money are involved, people can be unscrupulous in their attempts to find ways to get the best deal they can at your expense.
The numerous considerations that must be accounted for in a business sale agreement means that you must done your due diligence before agreeing to the set out terms and conditions.
An experienced lawyer can help you pick up on anything that looks off and ensure you get the best deal possible. A lawyer will have the relevant legal knowledge and practical experience in conducting and settling the purchase or sale of your business. This will ensure that the business is purchased or sold in a timely manner with minimal risk.
Lawpath has a network of 600+ lawyers with expertise in the purchase or sale of a business. Click here to get a fixed fee quote in under 4 hours and you’ll be well on your way to purchasing the business of your dreams or selling your existing business.
Need a lawyer to draft or review your Business Sale Agreement? Compare Fixed-Price Legal Quotes From Australia’s Largest Lawyer Marketplace.
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