Advice on Buying and Selling a Business Buying a business Buying a business is a major life decision.
While the initial investment in many cases may be relatively small, the financial risk that you take on may be considerably larger.
So often we have heard of situations where a business was commenced with a minimal outlay and as a result, consideration was not given to the potential business risks that were being assumed as well.
In the event of things going wrong, even when it’s not your fault, the outcome in this situation can be catastrophic.
There are many things that you need to be considering at this time.
What negotiation room do I have on the value of trading stock, and plant and equipment?
In what entity should be I buying the business?
What length of lease should I have (if leasing premises)
What is the best way to structure the loan with the bank?
On it goes…
Wright Clarke Solicitors can help
Often much of subsequent profit that is made on an asset is made when it is bought.
At Wright Clarke we understand that and will be right alongside you making sure that your interests are protected.
Selling a small business or farm Selling your small business or farm is also a major life decision. It may simply be a transition in that you are selling one to buy a bigger one, or it may be a stepping stone to retirement.
Either way, the value you get from the farm or business is reward from your blood sweat and tears in building it.
When you consider the effort you have put in to build it, the last thing you want is to put those assets at risk when selling them.
At this time there are critical decisions that can impact on how much of the proceeds you get to put in your pocket.
For example, there can be capital gains tax considerations.
There may be options to take advantage of various capital gains tax rollover relief, but this is time critical, so you will need to understand that. With both farms and small businesses there can be negotiation over the value of such things as:
Value of trading stock Value of growing crops Value of plant and machinery All of these things can impact on how the sale affects both you and the purchaser from a tax point of view.
Wright Clarke Solicitors can help We are a bit different from many solicitors in that we principally deal with businesses. As a result these issues are things we deal with every day, so we can make sure that your sale in negotiated with your best interests in mind and that things like tax or not just an afterthought.
Click here to read OUR FREE BLOG Subscribe to our Free NEWSLETTER Testimonials To Anna & Staff, Anna provided advice outside of her paid obligations. Anna went out of her way to be kind and considerate, she pointed out the legal pit falls that we were not aware of. On behalf of the president and members of the Goovigen and District Progress Association Inc. we wish to thank Anna and staff for their generous support and help with the purchase of the QCWA building and land at Goovigen.