Buying a Business
When buying a business there are many issues you need to consider. These are just some of the steps our dedicated commercial team undertake to make this process easier for you:
- When you have an interest in purchasing a business we will conduct an enquiry with the landlord as to whether there will be any objection from them:
- a. To grant you a new lease (if there is no lease)
- b. To grant a consent for the assignment of the existing lease.
- If the business you are interested in is a franchise business, we will contact the franchisor about the terms and conditions of the franchise agreement. We will provide you with advice on the franchise and any fees and charges relevant to the franchise.
- We will obtain from the seller the trading figures of the business for the last two years and a copy of the lease for perusal and advice to you.
- We will draft the business contract for you with all the appropriate conditions to protect you.
- We will act on your behalf to undertake all investigations of the lease and service contracts, or any agreement that may affect the income of the business within the due diligence period.
- We will undertake all necessary searches to ensure all charges and liabilities related to the business are being discharged at settlement.
- We will undertake searches from all relevant authorities for any requisitions from, for example, the Council (regarding the Health Permit), Workplace Health & Safety and also Fire Safety.
- If you are obtaining finance, we will ensure all mortgage documents are signed prior to settlement and provide the relevant contact details to enable us to arrange settlement on your behalf. We will also speak with you concerning the funds to be provided at settlement.
- Our team will work with you and your other service providers every step of the way to ensure that your transaction is completed smoothly.
Selling a Business
There are many things which need to be addressed prior to you selling your business, below are just some of the things our team at QMT can advise you on to ensure your transaction proceeds without hassle to you.
- Before you list the business on the market, the landlord must be advised of your intention to sell the business. Taking advice from us and undertaking appropriate investigations will make sure that you do not do anything in default of your lease and to ensure that there can be the necessary assignment of the lease.
- You need to ensure that all the certificates and permits and your trading figures for the last two years are in order.
- After both the buyer and you agree on the price and the terms of the contract, we will draft such a contract with the appropriate conditions contained within the contract. Remember you should discuss with us prior to agreement on the terms of the contract all matters that are necessary for protection of your interests in the sale.
- If there is an existing lease, we will contact the landlord obtaining their consent for assignment of such lease.
- If there are charges or mortgages over the business we will contact the bank or lending institution on your behalf to prepare the relevant release documents and the appropriate pay out figures.
Leasing - Commercial and Retail
Many businesses lease premises from which to operate their businesses. Often these leases are for a long period of time and contain clauses which one or both parties may not understand which can lead to conflict further down the track. Seeking professional advice from us can help avoid these issues allowing everyone to get on with the important task of running their business.
Listed below are some of the rights and obligations of both the Lessor and the Lessees:
- disclosure obligations,
- the right to receive rent,
- method of rent review,
- dictate conduct - unconscionable conduct is prohibited,
- give rights when a building has to be upgraded, demolished etc,
- dictate the outgoings, maintenance and capital costs which can and cannot be passed on to tenants,
- give the right to recover damages from tenants etc..
Some of the rights and obligations of a tenant include:
- imposed disclosure obligations,
- the right to carry on their business,
- the right to deal with the lease and business assets,
- the prohibition in engaging in unconscionable conduct,
- the requirement to pay rent,
- rent review – landlords and tenants can become embroiled in a dispute over the timing of and calculation of a rent review,
- termination rights and other rights if forced to relocate, or the building being tenanted is to be demolished,
- a requirement to pay the lessors outgoings – a dispute can arise in relation to the calculation of the amount,
- the right to exercise an option to renew or hold over.
There are many situations which can potentially cause conflict between a lessor and a lessee, however with the right advice these issues can be avoided.
Cashflow is crucial to the long-term success of a business, and crucial to cashflow is ensuring your outstanding invoices are paid and debt is recovered.
If your business needs assistance in recovering debts we can help you. Contact us about our efficient and cost effective service and get real results.
Although most business arrangements begin on the right foot, the relationship can sour for many reasons. Our team can provide you with their expertise and guide you through the process to try and resolve your dispute. If your dispute cannot be resolved through mediation, then our experienced team will guide you through the litigation process and ensure that you understand at all times what is going on.
We acknowledge that Litigation is a stressful experience, so we will:
- keep costs to a minimum and advise you of your legal costs at all times
- guide you through the process
- provide you with the right advice
- take the necessary steps to ensure the litigation is completed as quickly as possible
- work with you to reach the best result and outcome possible.
At QMT our friendly and professional team will give you value for money. You can rest assured that you are getting the right advice.
Many businesses operate as a franchise, however, that does not mean this system is suitable for all businesses. Before entering into any Franchise agreement it is important that you speak to one of our solicitors so they can provide you with the right advice.
We will work with your other professional and business advisors so you are confident that you are making an informed decision. If you do not have access to other professional and business advisors we can recommend reputable service providers known to us.