Here is part 7 of our 10 do's and don'ts of business selling. We gained these insights from hard-won experience and observing what can happen in the business selling market!
7. DON’T – Engage a solicitor who is not used to handling the sale of commercial businesses
Do – Get the right legal advice
Quite often we come across business transactions where the lawyers involved from either the purchaser or the seller, or both, have had quite a bit of experience in conveyance of residential properties, and some experience of conveyance of commercial properties, but very limited experience in the sale of commercial businesses.
Our experience as a firm operating in this area is that there is a difference between selling real estate and selling businesses when it comes to legal advice.
It’s a bit like if you need a knee operation: rather than going to a GP who does a bit of surgeon work on the side, you’d go to a knee surgeon who does 10 operations a day.
You’re bound to get better, more robust advice and results.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.