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If you're in the market for buying a business or you need to sell your existing company, it makes sense to consider hiring a business purchase and sale lawyer.
In this guide, we'll give you a glimpse into the complicated process of buying or selling a business and discuss the ways a business purchase and sale lawyer can help you.
Speak to a business purchase and sale lawyer online
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What's in this guide?
- Speak to a business purchase and sale lawyer online
- What is a business purchase and sale lawyer?
- When should I use a business purchase and sale lawyer?
- Business purchase and sale lawyer vs business solicitor
- What does a business purchase and sale lawyer do and not do?
- How effective is a business purchase and sale lawyer?
- How do I get a free quote for a business purchase and sale lawyer?
What is a business purchase and sale lawyer?
A business purchase and sale lawyer specialises in the legal matters involved with buying and selling businesses. They will prepare the business sale agreement and negotiate with all parties involved to get the sale price and terms you want.
Buying or selling a business is a complex, four-step process dealing with everything from property leases to equipment and inventory. It can involve as many as 10 different levels of communication and negotiation. From the buyer and purchaser to their lawyers, accountants, and leasing landlords, a business purchase and sale lawyer manages the entire process for you.
When should I use a business purchase and sale lawyer?
If you are selling your business or buying another business, hiring a lawyer can ensure everything goes smoothly and is above board.
It might be your first-time business purchase or you might be expanding your existing business and buying new properties to grow your company. A business solicitor can take care of all the paperwork and negotiate for a fair deal.
On the other hand, you might be selling your business. There are many reasons to sell your business and hire a business sale lawyer, including:
- Company is going out of business
- Dissolution of partnership
- Death or serious illness of a business owner
- Business in violation and subsequently terminated by court order.
Business purchase and sale lawyer vs business solicitor
A business solicitor is a general term for a lawyer that takes care of the business side of your company from structure to contracts. Buying and selling is just one aspect of what they do.
In comparison, some business solicitors will specialise and focus on the legal side of business purchases and sales.
What does a business purchase and sale lawyer do and not do?
A business purchase and sale lawyer will work with you to negotiate, review, and secure a profitable deal. Their services include:
What they typically do
- Negotiating the terms of the business sale or purchase agreement
- Reviewing all documentation relating to the sale or purchase
- Obtaining rights to intellectual property
- Managing existing contracts
- Practising due diligence
- Settlement of lease transfers
- Managing vendor financing.
What they typically don't do
- A business purchase and sale lawyer does not negotiate mergers and acquisitions. For that, you'll need a mergers and acquisitions lawyer.
How effective is a business purchase and sale lawyer?
Selling, transferring or purchasing a business involves a lot of paperwork and many different levels of legal requirements and negotiations. A business purchase and sale lawyer has the expertise and knowledge to effectively guide you through to the settlement you want.
In addition, if part of the negotiations requires bringing matters before the courts, a business lawyer can be your legal representation.
How do I get a free quote for a business purchase and sale lawyer?
Searching online will give you a number of legal services at reasonable prices. Here are a few to consider:
- Lawpath. Sign up for this lawyer marketplace and you'll receive three free proposals. You can compare different lawyers and what they offer before deciding. Having an account lets you chat directly to lawyers in the marketplace.
- Turnbull Hill Lawyers. This firm specialises in a wide range of legal services, including buying or selling a business. Get a free consultation for your specific needs. Services are on a fixed fee rate.
- LegalVision – Aimed at small- to medium-sized businesses, LegalVision charges a monthly membership fee of $199. This gives you unlimited access to legal document templates, free downloads and free quotes from its lawyers.
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