Buying a business, just like buying a home, can be a very emotive experience. A buyer can find themselves swept up in exciting dreams of the future, but the purchase of the business is just the beginning - there's a lot of hard work ahead before those dreams can be realised.
There's also a lot of work to be done prior to and during the purchase process. Much of this is concerned with contracts and paperwork. Even if you're buying a small business, there's a LOT of paperwork involved, and as the saying goes, the devil is in the details. If due diligence isn't taken before you sign the contract, you could find your business dreams turning into a nightmare.
It's absolutely essential that you have a reliable and qualified professional to help you through this process. This is where the experience of Glenn Duker, lawyer and solicitor, comes to the fore. Contracts for these transactions can be complicated, and there are bits and pieces that lawyers are trained to think about that might not even occur to you.
One such thing, for example, is an indemnity from the seller which defends you from being sued or penalised because of something they did (or didn't do) before you took over the business. Likewise, they should get the same from you.
Or, if the seller is a corporation or LLC, there is another way to avoid possible liabilities. In this case, you can form a separate company of your own to buy the assets rather than the business itself.
For further advice and help with your business purchase, contact: http://glennduker.com.au/, for lawyer and solicitor. His experience in business law and transactions will help you through these tricks and traps – or even prevent an expensive mistake.
