Woohoo! Taking over a business is the coolest, few things to consider...
It takes guts to take over the responsibilities of running business, but of course such a plunge comes with the potential for great reward. Let’s make sure you have all your bases covered to place you in the best ownership position on settlement day!
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Discuss with Janey on what will be relevant for you so that she can advise & prepare the purchase agreement specific for your purpose.
Assets
- Employment agreements?
- Underlying lease(s)?
- Hire purchases included or to be repaid?
- Due diligence.
- Settlement deliverables.
Vendor
- Who is the vendor?
- Warranties to you.
- Restraints of trade.
- Default purchase price allocations.
Company
- Director duties.
- Shareholders rights and obligations.
- Dividend policy.
- Imputation credits.
You
- Are you buying personally or as a company?
- Do you need an accountant?
Money
- Source of funds (personal savings or bank)?
- Insurance.
- Settlement.