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Selling A Business @ Virtual Legal

Welcome To Virtual Legal. You'll Love Working With Us.

Time to sell? Let us take the stress of preparing a contract of sale for you and manage this transaction, while you spend your final days running the business and preparing for your transition. 

We want you to enjoy the process so will guide you through the steps of conveying a business, then manage the transaction for you, while you focus on planning your new life.

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Selling A Business Pricing

Contract preparation and negotiation, transferring employees, leases, and licenses, conducting settlement & succession planning.

No price for this service

All prices are GST exclusive. If you require any searches or other disbursements, we will advise and add these as necessary.
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Selling A Business Frequently Asked Questions

Contract preparation and negotiation, transferring employees, leases, and licenses, conducting settlement & succession planning.

Often financiers will require that there is a minimum of 7 years left on a lease if the Buyer is looking to obtain a business loan payable over 7 years (they match the loan term to the lease). So if the Buyer needs a longer term, then you either need to organise for an amendment to the Lease during the Assignment phase via us, or have your current Lease terminated on Settlement and cause for the Buyer to enter into a new lease. It is a good idea to discuss this with the buyer so they can speak to their financier prior finalising the Contract, as an extended lease can improve the business value too, which would potentially increase the price. We suggest discussing this with your business broker and with us early in the negotiation piece or before you even look for a buyer.
This will depend on which State of Australia you are selling your business in, but generally speaking the Seller pays the cost of the Landlord’s legal fees, which often range between $2,000 to $5,000 depending on the law firm they engage. In some States, such as Queensland, the Landlord cannot charge for a new lease, so if the Buyer opts for a new lease, there is no or minimal cost to you other than releasing the lease you’re currently in.
This will depend on the terms of the Fit Out Contribution Deed and the Lease you signed. Often there will be a period of time that you cannot sell or close your business for (often 5 years) otherwise there is some form of penalty to be paid. We will closely review these documents for you and advise you on the position. Often, the amount to be repaid will be say 20% of the entire Fit Out Contribution if you are in the final year of the term, so it may be worth it for you still.
Yes, we will discuss what you’re looking to do before you approach any buyers, so that you have a full understanding of what kind of deal we can structure for you under the Contract of Sale. We always suggest you work closely with your accountant too to consider any taxation issues and also with your business broker as they generally have a reasonable understanding of what a business like yours may be worth in the current economic climate.
If you already have a potential buyer, we will prepare the Contract of Sale and work with the Buyer or the Buyer’s solicitor if one is appointed, to finalise the details in the Contract. You don’t need an agent to do this as the Contract is done by the lawyers anyway. If you are using an agent to find the Buyer, make sure you factor their fees into your sale price.
In the event you do not settle the transaction, we will only charge for whatever time was recorded on the file so you’re only paying for exactly what you used. Once you find another Buyer, we can then use the same company search, PPSR searches, etc from your terminated contract to save you doing them again, so that will save you on the second transaction also.
The Landlord has the right to refuse a prospective Tenant if they feel they would not make for a suitable Tenant given their financial background and experience in business (or lack of experience), although the Landlord has to act reasonably. In some cases, the Landlord may require a larger security deposit from the new Tenant if they do not have the same financial resources as you.

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Virtual Legal is a fixed fee online law firm using state of the art technology to provide you with legal solutions and manage your legal transactions. Virtual Legal was created to provide access to legal services to consumers regardless of where they live or what they earn.