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Business Sales and Purchases

Business Sales and Purchases

Operating a business successfully depends on receiving quality legal advice at all stages from acquisition or establishment of a business, through its growth stage and eventually to its sale or succession. At Bennett & Philp we have a team of highly specialised lawyers who have been helping businesses to grow for many years.

We advise business owners in every aspect of business life, from the purchase of a business including structuring, to growth including financing and capital raising and also through the times of dissolution, insolvency or sale.

Some of the matters we regularly attend to include:

For more information call us today on +61 7 3001 2999.

Commonly Asked Questions

I’m establishing a new business - I’ve been told I should use a “trust”?

A trust is specific legal structure which can be used to operate a business.  The most common form is a discretionary trust.  Use of a discretionary trust can be an effective form of asset protection which is probably why you have been recommended to use a trust. 

However, there are times when a trust is not appropriate.  Please contact us for structuring advice.

I have a business idea that I could license to others for a fee – is this a franchise?

It could be but not necessarily. There is a set criteria for what type of licensing will give rise to a franchise.

Please contact us or refer to our Franchise & Licensing page for our capability in this area.

I’m buying a small business - what should I include in my purchase contract?

Before you purchase a business you should obtain financial advice on the purchase as well as structuring advice including the correct entity to use to purchase the business. We can provide you with structuring advice in relation to a new business entity.

You will then need legal advice on the drafting of your contract which forms the basis of your business purchase and we will need detailed instructions from you on a number of essential terms in order to guide you on the matters that should be included.

We recommend that you appoint a firm such as us to act for you in the overall purchase so that we can ensure your interests are covered not only in the drafting of the contract but in all other aspects of the business transfer.

 

I’ve had a falling out with my business partner - is sale of the business our only option?

No you have other options, please contact us for further advice. Please note if your business partner is your spouse, you may need family law advice which we unfortunately cannot provide.

However if you contact us, we can put you in touch with some of our trusted referrers who practice in family law.