Sale of business

A business is made up of more than solely the premises or stock in hand. It is a collection of real and personal assets which must be carefully subject to due diligence by any purchaser.

A sale or purchase of a business requires detailed legal advice on numerous issues which comprise the business. Some of these include:

	Advice to sellers on contract to be drafted
	Business name, trademark, licences and future trade restraint on the seller which form part of the intellectual property of the business being sold
	Employee rights under the Privacy Act and any outstanding employee entitlements
	Title investigations of property and hire purchase agreements of plant
	Personal guarantees where the purchaser is a company
	Business being sold with the real estate, or purchaser requiring transfer of the existing lease or grant of a new lease by the registered owner of the premises

If you are considering the sale or purchase of a business we look forward to assisting you.

Business succession planning

Have you ever given thought to what would happen to your business in the event of your permanent disability or death? If you haven’t, recent surveys would indicate you are part of a majority! A succession plan provides the answer. If it is well constructed this plan will help provide protection for your business by addressing the issues now:

	To avoid the business coming under intestacy rules ensure you have a valid Will to enable your Executor to take control and your Executor is aware of the location of your Will
	Business register – maintain essential information including tax numbers, business sponsors, trade marks, insurances etc
	Initial cash reserves to cover business obligations to avoid the risk of a ‘fire sale’- consider insurance payouts
	Accurate data base of all customer details, service providers and any regular suppliers
	Open discussion with family members of business goals
	Manager level control
	Transfer of assets
	Potential successors – particular members of your family and effects on other family members
	Knowledge sharing of your particular business and skill training
	Consider sale of business if generation transfer not involved
	Estate planning
	Regular reviews of your succession plan

A prudent approach to business succession planning may greatly benefit any transfer of assets, smooth control taken by family members in new roles and preservation of business goodwill.

New business ideas for over 55's

Buying a franchise

Acting for the Franchisee

Quality legal advice is offered by SeniorLaw Sydney to ensure you reap the benefits when buying into a franchise business.

If you are considering purchasing a franchise there are many pitfalls for the unwary. At SeniorLaw Sydney we are able to provide you with practical legal advice in the area of franchising law. Complex requirements will be translated into plain English advice to enable you to make clear business decisions that will pave the way for the success of your franchised business.

Franchise systems are growing rapidly. Franchised businesses operate under the Franchising Code of Conduct which is mandatory for all Australian franchisors and franchise owners under the Trade Practices Act. The Australian Competition and Consumer Commission supervises the enforcement of the COde. The Code was last updated most significantly in October 2001 legislating changes in mandatory disclosure documents and mediation of disputes were introduced.

Our team is committed not only to providing you with sound legal advice but also in supporting your business image by being efficient and forward thinking. Your business plan calls for fast service and positive negotiations with other parties. We are determined to provide this service to you.

Our services include:

	General franchise advice regarding the mandatory Franchising Code of Conduct and the role of the Australian Competition and Consumer Commission
	Advising on franchise agreements including the negotiation of terms, renewal and termination of agreements
	Investigation of Disclosure Document
	Advising on and negotiating terms of commercial lease
	Investigating compliance with Franchising Code of Conduct
	Advising on resolution of conflicts and disputes

Remember .....

The franchisor does not necessarily have your best interest in focus. Certainly the success of the franchise depends on finding suitable franchisees but beyond that this is your purchase and your money that is being put into the business.

Once you are part of the franchise you may seek our advice if you are concerned the franchisor has failed in its agreement with you. Perhaps the advertising campaign has not been as extensive as you were led to believe, the product being supplied for sale is of dubious quality or another franchisee has been allowed to encroach on your allocated territory for example.

Apart from needing representation in mediation of disputes, immediate advice should be sought if the franchisor seeks to terminate the franchise agreement.