Selling a Business
Next to your home and family your business is probably the most important asset you have. Whatever the reason for you selling don’t take the chance of the sale falling through due to some “technicality” or because you have not properly bound the purchaser to a contract. Selling a business is not simply a matter of handing over the keys to the front door, collecting your cheque and walking away. There are many issues that need to be addressed. You owe it to yourself and your family to be advised properly.
Here is an example of some of the matters that need to be addressed when selling your business:-
- The consent of the Lessor to the assignment of your lease.
- How is the purchase price to apportioned as between goodwill, fixtures and fittings, plant and equipment etc.
- What happens to your staff. Are you responsible for their entitlements such as long service leave, sick pay and holiday pay.
- What are the tax implications of the sale.
- What happens to your debtors and creditors.
Don’t make the mistake of trying to handle the sale of your business on your own.