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Buying or selling a business or company, or merging with another business, can be a complex journey. A business sale or purchase will likely involve:
investigating the risks and liabilities of the target business or company;
negotiating commercial terms with the other party to the transaction;
arguing over warranties and indemnities;
obtaining third-party consents and licences, particularly for intellectual property;
managing employee entitlements; and
releasing security interests.
As a result, there are many strategic, commercial and legal issues at play. Additionally, there is usually a lot riding on M&A deals, including people’s jobs and the futures of the business and business owners alike. Hence, a transaction can be an overwhelming experience, with tense negotiations and time sensitivity.
LegalVision’s experienced lawyers provide efficient and cost-effective guidance on every step of the transaction adventure. From negotiating the term sheet, helping you through due diligence, providing advice on structuring, drafting the sale agreement and attending to all the steps needed to complete the transaction, LegalVision makes sure that you’ll close the deal with your rights protected and commercial goals achieved.
We are experts in assisting founders, small-to-medium sized and venture funds across a range of industries to realise their exit or expansion dreams.
We work collaboratively with our client’s tax and commercial advisors, and our strategic M&A assistance is bolstered by specialist legal advice from our internal Employment Law, Property Law and Intellectual Property Law teams.
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5 things you need to know aboutBusiness Sale and Purchase
5 Things You Need to Know About Business Sale and Purchase
Buying or selling a business is a significant decision. Whether you are a seller (a “vendor”) or a buyer (a “purchaser”), it is important that you protect your interests before, during and after a transaction.
One of the first steps in the business purchase journey is due diligence. Due diligence is the process of investigating the business, business assets and its operations to give you more information about what you are purchasing. A business lawyer can assist during the due diligence phase of a business purchase. For instance, if you are purchasing a business that has many clients, you will need a business lawyer to check that contracts are in place with each customer and that those contracts cannot easily be terminated.
In general, the vendor will be responsible for preparing a sale of business agreement. The purchaser will then review the agreement and suggest amendments. After that, the parties will negotiate until they reach an agreement that suits both of them. It is a good idea to use a specialist business lawyer to help you with drafting, reviewing and negotiating the sale of business agreement.
For the sale of smaller businesses, it is common to use a standard form sale of business contract. However, many buyers and sellers add special conditions to the contract that set out particular terms for their transaction. If you are selling a more complex or higher-value business, your lawyer might prepare a bespoke contract. The key terms in a sale of business agreement cover: (i) the subject matter of the transaction (what business assets are included in the sale); (ii) the purchase price; (iii) when the buyer will need to pay the seller; (iv) what liabilities each party will take on and what protections will apply if the business is not a success after the deal is finished; and (v) non-compete obligations.
A non-compete clause is a contractual term that has the effect of limiting the commercial activities of a person or business. In the context of a business sale, a buyer will want to ensure that the seller cannot set up a new business to compete with the old business after the sale has been finalised. To be enforceable, a non-compete clause must be reasonable to protect the interests of the buyer. Hence, it is a good idea to seek legal advice to draft a clause that strikes the right balance for your transaction.
Providing businesses
with unlimited legal help.
Unlike other law firms, LegalVision provides businesses with ongoing and on-demand legal support through our
unlimited legal services membership. When you become a member, you get access to an experienced team of
lawyers to assist with all your business' legal needs. Your membership includes:
Unlimited Document Drafting, Reviews and Amendments
The certainty around cost and timing are the two features of LegalVision’s membership that have had the biggest impact on our business.
Amber Turnbull , COO
LegalVision's lawyers maintain a consistently high quality of service, and their fixed-fee approach is a breath of fresh air.
Nathan Walsh , CEO
LegalVision’s deep legal expertise, tech-enabled approach and speed of delivery have had a significant positive impact on our business operation.
Nick Crocker , Partner
Having used LegalVision for 20+ transactions, large and small, we love their attention to detail, speed, and the quality of the whole team.
Karl Goodman , Owner
Having used LegalVision for four years, they continue overdelivering. They make you feel heard, understood and secure.
Michael Cleary , Co-founder
LegalVision’s membership has saved us time and money by having all our legal resources under one roof.
Cynthia Cheung , Head of Ops
The LegalVision team is exceptional. Every person we've met is super responsive and knowledgeable - and their Prism platform makes everything easier!
Vince Allen , Co-founder
We are grateful to the LegalVision team for their legal guidance, and we look forward to working with them again in the future.
Katrina Huergo , CFO
Big thanks to the LegalVision team for keeping the ball rolling and our team informed along the way.
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We offer our clients a range of pricing options to suit their needs and provide transparency around legal costs. Our membership offers unlimited legal services for an affordable monthly fee.
Specialist Lawyers
LegalVision caters to a full range of commercial law needs. Our lawyers are specialists who bring extensive experience from working at leading law firms in Australia, the United Kingdom, New Zealand and across the world.
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We understand that timing is critical, particularly for businesses that have a large number of legal projects. LegalVision is committed to delivering our services within short timeframes that fit the commercial needs of our clients.
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We have built our tech stack from the ground up. Our team of developers build technology to help streamline the workflow of our legal team and improve the client experience for our members.
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