Whether you’re buying or selling a business the transaction offers you both benefits and risk. You can mitigate your risks and take advantage of opportunities by understanding what your options and rights are and asserting these.
Buying a business
When you purchase business as a going concern there are many things to consider as part of your due diligence and when negotiating the contract. These include intellectual property, trade practices, employment law, commercial and retail leasing and property law.
Having someone that you trust by your side can allow you to focus on how you can hit the ground running rather than getting bogged down in the detail of the purchase agreements.
Selling a business
When selling a business as a going concern you want to make sure that you are able to realise the value in the business you’ve built. This involves much more than price and can also cover intellectual property rights, trade practices after the sale, employee rights and property rights.
Aside from the sale agreements, you may also need to review your loan arrangements, corporate structures and lease arrangements. When selling a commercial property, it’s generally easier and more cost-effective if one lawyer manages all of these arrangements for you.
Franchise businesses
Whether you’re buying or selling a retail or industrial franchise, there are many legal issues that need to be considered. The cover much more than just franchise law, and can include intellectual and real property law, industrial and commercial law.
If you’re purchasing a business, the franchisor is often a large corporation that has done this many times before and may have a standard franchise agreement, but if it’s your first time there are many things that you may not be aware of. Franchise agreements and franchise operations manuals are often long, complicated and not always easy to understand. That’s why it’s important to make sure you have someone on your side who understands the process and can give you advice on what to look out for before you sign on the dotted line.
Once you’ve purchased the franchise, you also need to ensure that you protect and grow your business. This may involve establishing marketing funds or putting in place other structures or growth strategies.
When it comes to selling a franchise, you want to ensure that you realise not only the value in the brand but also the intangible value that you’ve added to the business. You may also need to consider whether terminating a franchise agreement is necessary to protect you in the future.
Our experienced business and franchise lawyers can:
- Advise you on how to best structure your transaction
- Give you advice on your franchise options
- Help you understand what other parties need to be involved
- Help you assess your options
- Negotiate business sale, franchise contracts or disclosure documents on your behalf
- Tailor a franchise contract sample to meet your needs
- Prepare and review the necessary sale or franchise documents
- Represent you in a dispute in a tribunal or Court
- Keep you up to date on any changes in business or franchise law