Legal Services - Purchase of a Business

The purchase of a business generally involves the transfer of the various items of property used in the conduct of the business such as goodwill, plant & equipment and stock in trade for example.

There are many advantages in buying an existing business, but as with all major financial decisions there are some disadvantages to be considered. To ensure that the disadvantages are minimised, it is recommended that a prospective buyer undertake a due diligence audit with regards to the business operation.

Checklist for Buying a Business

• Decide whether the type and size of the business fits with your needs, skills and experience, financial capacity and future plans.

• Find out why the business is for sale.

• Check the operations of the business including sales, costs, profits and assets. It is advisable to seek independent financial advice from your accountant when reviewing the financial records of the business being considered.

• Investigate the WorkCover or Workers Compensation claim record of the business.

• Research current and potential competitors. It may be prudent to consider placing restrictions in the sale contract on the future trading activities of the vendor where this is in direct competition with the business you are intending to purchase.

• Inspect contracts for current and future work with customers.

• Review the draft purchase agreement with your solicitor and advise them to carry out all required searches.

In addition there are also various Federal and State requirements with regard to the Purchase of a Business that you may need specific advice on as it pertains to your individual circumstances.

The team at Quinns can help you navigate the myriad of legislation, contracts and any other issues that pertain to each individual sale. We can also conduct a due diligence on your behalf to audit the business prior to purchase and offer advice on all matters in relation to Employment Laws, Work Cover and Workers Compensation, Trade Practices, Intellectual Property and other Business Legal and Accounting matters.  

Quinns can assist you with the purchase or sale of a business. If you would like to make an appointment or you would like to find out more information, please submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166.

Back to Business Legal Services

The Quinn Group - Providing the Total Solution

As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Accounting Services page to see our range of accounting services available to your business.

Visit our Personal Legal Services page for more information on the wide range of legal services that The Quinn Group can provide to you as an individual.

View all our office locations to find The Quinn Group office nearest you, or call us on

1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.