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!
Discuss with Janey on what will be relevant for you so that she can advise & prepare the purchase agreement specific for your purpose.
- Employment agreements?
- Underlying lease(s)?
- Hire purchases included or to be repaid?
- Due diligence.
- Settlement deliverables.
- Who is the vendor?
- Warranties to you.
- Restraints of trade.
- Default purchase price allocations.
- Director duties.
- Shareholders rights and obligations.
- Dividend policy.
- Imputation credits.
- Are you buying personally or as a company?
- Do you need an accountant?
- Source of funds (personal savings or bank)?