Tips from Centra Lawyers

I want to sell my business. What must I take into consideration?

When you sell your business you want to (a) optimize the price you can demand for the business and (b) the portion of the purchase price you can retain after taxes. To achieve this, you must plan your sale and involve your professional team, (i.e. your lawyer and accountant) at an early stage.

You need to consider the following:

  • Is your buyer willing and able?, i.e. does he have the money to pay the purchase price and can he manage the business successfully?
  • Can you supply all the documents to allow the purchaser and his team to complete their due diligence?
  • Have the parties agreed in principal how the transaction will be structured?
  • Will this be a sale of shares or assets?
  • It there a Letter of Intent in place?
  • Has agreement been reached on your employees?
  • When will the transaction close?
  • Have you optimized your tax efficiencies?

This is not a comprehensive list of items. Consult our commercial lawyer to discuss your transaction.

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