Smallwoods Lawyers: Commercial Business
Commercial Lawyers for Northern Beaches and North Shore Specialising in Business and Corporate Law
Commercial lawyers, Smallwood Lawyers, Talk Business Law
Ask Richard Smallwood, of Smallwoods Lawyers in Brookvale on Sydney’s Northern Beaches, why it’s important to engage the services of a commercial law firm when looking at buying a business, and you’ll receive a rapid-fire response of questions in return.
“What are you looking at buying? What are you going to get for your money? How do you protect what you’re getting? What representations have been made in selling this business to you?” he begins.
“Are you going to get the ongoing income or benefits that the vendor has achieved over the last three, four, five, or six years? How do you protect the goodwill? What restraints should be placed upon the seller of the business in terms of them commercially competing against you? Are you getting all the intellectual property that has been used in the business? Are you getting the websites, the telephones, the fax numbers, the email addresses and all the data that’s been used in running that business for years? What is being promised to you, and what do you need to run that business?”
Smallwoods Lawyers - located in Brookvale on the Northern Beaches close to Manly, Warringah, Pittwater and North Shore areas - specialise in business law including assisting in the buying and selling of a business, confidentiality agreements, commercial and property law, Fair Trading Provisions and more. Smallwoods Lawyers have a team of experienced lawyers, including corporate lawyers, business lawyers, and commercial lawyers – the latter excelling in the field of commercial litigation.
How can commercial law firm Smallwoods Lawyers help your business?
Richard Smallwood of Smallwoods Lawyers on the Northern Beaches smiles as he explains that, as a lawyer of 40 years standing, he has been trained to look at the ‘what ifs’ in life.
“In this case, it’s the ‘what ifs’ in business - the contingencies and what you think you’re buying,” he says. “And as you can see with the questions I’ve just thrown at you, best of luck if you can draft a document like that yourself!”
Purchasing a new or existing business is more than putting together a simple handmade business plan. Smallwoods Lawyers will be able to assist you with all aspects of property and business law, including buying and selling a business, confidentiality agreements, incorporation of company structures, establishing discretionary and unit trusts, establishing partnership agreements, shareholder and unit holder agreements, drafting distribution agreements, employment contracts, Trade Practices, Fair Trading Provisions and more.
Smallwoods Lawyers – business lawyers that offer confidential and knowledgeable advice on all things law, including commercial litigation
The qualified lawyers at Smallwoods Lawyers on the Northern Beaches will not only be able to take you through the many scenarios they have encountered throughout their 35 years in the business, but guide you and assist you to guard against situations you may not have even thought possible.
“I’ve had an instance where someone’s mother-in-law has worked in the business and not been paid a wage, so there’s a whole salary that isn’t shown on the books, for example,” Richard reveals.
“To have that same work done by someone else will immediately involve the purchaser paying out another $40,000 to $50,000 a year, or whatever the case might be.”
Even if you’re going into business with a trusted friend or relative, Richard says it is incredibly important to look carefully at the situation. Even a life-long relationship can break down given the right circumstances.
“What if they form a relationship with somebody who doesn’t like you? What if they suffer an accident or injury? What if they want to change their direction in life?” Richard says, citing a few examples. “The relationship is only as good as the parties will make it, and as long as they want to make it.
“Often an agreement is traditionally only there to put down on paper a record of what the agreement is at that time – and that’s sometimes very helpful, because people have different recollections of conversations. This is as people have different recollections of what the agreement was, or what the arrangement is. It’s not because they’re dishonest - it’s because accurately recollecting what has been said and what discussions have taken place has proved to be problematic at best.”
Save yourself from having to ask ‘what if’ with your business. Whatever the aspect of the business – whether buying or selling - contact Richard Smallwood and the team at Smallwoods Lawyers in Brookvale on Sydney’s Northern Beaches for the best in confidential and knowledgeable advice.
For more information regarding business law and how Smallwoods Lawyers can help with buying and selling a business, property law, commercial law, commercial litigation, confidentiality agreements, incorporation of company structures, establishing discretionary and unit trusts, contact Smallwoods Lawyers.