Selling a business
Turbo Legal offers fixed and capped fee services and packages to assist you to sell your business that include negotiation, drafting, and completion of the business sale contract.
What are the steps in a business sale?:
Step 1 – Enter into a confidentiality agreement with the prospective buyer to ensure that any information disclosed during the negotiation phase will remain confidential.
Step 2 – Obtain copies of financial statements and other relevant documents to be provided to a prospective buyer. Consider whether a specialist business valuation should be obtained.
Step 3 – Seek appropriate financial, taxation, and succession planning advice in relation to the proposed sale.
Step 4 – When the prospective buyer has indicated a readiness to make an offer then a draft contract is prepared. It is normally the seller’s solicitor who drafts the contract.
Step 5 – Execute the contract of sale and assist the buyer to conduct its due diligence enquiries (if applicable).
Step 6 – Take necessary steps to assign the lease (if applicable).
Step 7 – Complete contract on the date stipulated.