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Buying Process

 

When YOU HAVE found the business that is suitable to your needs the next thing is to make an offer under contract

 

What you need for the contract process is:

  • The name of the person / partnership / trust / company that is going to buy the business
  • Name and contact details of your solicitor (not absolutely necessary at this point)
  • Name and contact details of your accountant (not absolutely necessary at this point)
  • What is your offer going to be (how much are you ready to pay for the business)
  • What date would you like to settle on the business
  • Is your offer subject to finance or is it a cash offer
  • What period of tuition/training would you like (normally 2 weeks before and after settlement)
  • What special conditions would you like included in the contract

Talk to your Business Broker, he has working knowledge on Contracts and can assist in a number of ways.

 

The next steps likely to be are:

  • Draft contract presented to buyer for approval by buyer and/or solicitor
  • Changes made to the draft contract if necessary as approved
  • Final contract to be signed by the buyer and deposit paid
  • Final contract to be agreed to and signed by the seller and/or solicitor
  • Due diligence to be carried out and approved by the buyer
  • Lease negotiations if required to be carried out by the buyer/solicitor with the landlord
  • Approval for finance is required if necessary
  • Approval of assignment of the lease or new lease is required
  • Any other special conditions to be satisfied by the buyer and the seller
  • Contract becomes unconditional
  • Training period to commence prior to settlement
  • Settlement occurs
  • Further training  as is required

The selling process can be as little as six weeks or up to twelve weeks depending on the length of time each process takes.

Franchise sales can take considerably longer, as the Franchisor also requires certain information before approval of the sale to the Buyer can take place

Unsure about what to do, call any of the Business Brokers Network Australia Partners to discuss your concerns.