Business Lawyers in Parramatta and Sydney
When you need a qualified and experienced business lawyer, the team at CK Lawyers are here to help. Based in Parramatta, NSW, and working with individuals and businesses across Sydney and New South Wales, we have specialists on hand to help you with all aspects of commercial law.
Whether it’s a straightforward business transaction, or a more complex dispute, our business lawyers are here to help you through the legal process. Being a business owner can be tough, which is why you need to ensure you have someone on your side whenever you need to get things done.
Contact CK Lawyers when you need the best business lawyer in Sydney
When it comes to dealing with business matters, you want to know you have the best business lawyer on your side. Whether you need a franchise lawyer or contract lawyer in Sydney, the team at CK Lawyers can ensure you have an experienced legal professional to help you out.
Whether you are starting a business and need a small business lawyer or are selling up and need a buying a business lawyer, simply pick up the phone and we can make sure you get the right advice. Our commercial lease lawyer can help with your business property queries, and we have specialist small business lawyers to deal with newer firms who need advice. If things go wrong, we offer business disputes litigation, proceedings for recovery of monies, help with contract disputes and much more.
We’re there for all stages of your business life, from formation to scaling up and expanding. Simply contact us to discuss your needs.
Our Business Lawyers know business and how to protect your assets
No matter how complex or simple your business transaction you can be confident that we have the knowledge and expertise to make sure that it goes according to plan. With over 20 years’ experience the principal business lawyer of CK Lawyers in Parramatta has dedicated his life to the study of business and law. He holds a Bachelor of Economics, a general law degree, and an additional master’s degree of Laws majoring in Commercial law
We encourage you to read the articles on this page to satisfy yourself that our advice is sound, practical, and thorough.
What we do
Every aspect of Business law including:
- Sale of a business – a buying a business lawyer is often very useful in when it comes to purchasing or selling a business
- Franchise agreements – these are handled by a franchise lawyer
- Advice on & drafting contracts by an experienced contract lawyer
- Advice to directors and boards
- Advising and drafting Joint Venture agreement
- Share sale and purchase agreements
- Purchase of a business
- Business disputes litigation
- Company law
- Shareholders Agreements
- Commercial lease agreements – whether you are a commercial landlord or renting a commercial property, speak to our commercial lease lawyer for advice
- Small Business advice from a specialist small business lawyer
- Advice to start up companies
- Trust Unit Holders agreements
- Simple and Complex commercial agreements
- Commencing proceedings for recovery of monies
- Defending proceedings for recovery of monies
- Contract Disputes
- Australian Consumer Law proceedings
- Common law and Equitable claims as to Real Estate (or other Property)
We believe in being honest and open about the fees that we charge. If you have been searching online for a lawyer for a while you may see this as a refreshing change. Where possible and the outcome can be predicted with a degree of certainty, we will fix our costs. If we cannot, we will provide you with a realistic estimate of the fees at our initial conference. If you engage us in the matter anytime after meeting with us, we will as a token of our appreciation, credit you with the initial conference fee.
We do not charge for photocopying, faxing, the cost of a telephone call and all those other costs that some law firms charge.
Our Fees are:
- A fixed lump sum amount when you ask us to fix them.
- Estimated before (not after) you agree to use us.
- Calculated based on the hourly rates of the lawyers handling your matter between $300 and $500 per hour.
FOR SALE OF A BUSINESS
- Standard Law Society Contract less than $500,000 purchase price: $2,750 plus disbursements
- Otherwise by negotiation
FOR PURCHASE OF A BUSINESS
- Standard Law Society Contract less than $500,000 purchase price: $2,750 plus disbursements
- Otherwise by negotiation
FOR ADVISING ON A BUSINESS CONTRACT
- Standard Law Society Contract : $500
- Otherwise by negotiation
Business Lawyers who offer a fixed, fair price
CK Lawyers offer an open pricing structure, with fees that are fair and can be fixed in advance if you wish. We’ll try to give you an estimate during your initial consultation, so you know what to expect. We know that finances are a consideration for all businesses, so we try to offer you the best price.
If you’re looking for the best business lawyer in Parramatta, then you are in luck. CK Lawyers have a team of experienced small business lawyers and other experts who can help you with all sorts of business queries. Call us today on 02 9687 6000 to find out more.
Due Diligence – what to look for when purchasing a business
When purchasing a business, it is essential that the purchaser carries out thorough enquiries about the business that they are purchasing. It is almost impossible to successfully win a claim against the seller after the sale for non-disclosure. At law, the seller of the business can rely on the principle of “Caveat Emptor”, which loosely means – Buyer Beware.
For this reason, the buyer should carry out “Due Diligence”. This is where you and or your team of advisors test every claim made by the seller by analysing every part of the business and every claim made by the seller about their business.
5 of the most important things to be examined and what to look for
- 1.The financial records
Often you will be provided with company or accountant generated financial reports. It is important that you thoroughly examine the entries and question any unusual entries. Insist that you are also provided with the company tax returns and explore any disparity between the two sets of records.
- 2. Key Staff and Employment Contracts
The success of the business may be largely because of one or more key staff who are able to attract new client work or have certain business skills. If these staff were to leave the business at the time of sale or shortly after this may greatly affect the value of the business.When allowed by the owner, speak with key individuals with the view of securing long term contracts with them. We recommend that you use a human resource consultant to help you in negotiations with key staff.Once key staff have been consulted and a contract signed, we recommend that training or mentoring program is developed to lessen the reliance on any one individual.
- 3. Licences and approvals to operate the business
You should not assume that companies have the relevant approvals to do the work that they do. It is our experience that companies with operations worth millions of dollars operate without proper approvals. You should insist that you have the approvals, permits and licences that you require to do the work. The danger if you proceed with the sale without the approvals, permits, or licences is that the Council or other Government authority may prevent you from carrying out the work.
- 4. Lease of property and equipment
The premises in which the company operates may be an essential or valuable part of the future success of the business. The buyer should seek a copy of the lease agreement to see whether the agreement will allow the business to continue to operate out of their current premises. The buyer should seek to secure either a transfer of the lease agreement or a new lease agreement before the purchase.
- 5. Key Clients
In some businesses, the success of the business is connected to one or a few key clients. We recommend that in such a business that enquiries be made as to the details of clients and their expenditure. Consideration should be given as to the likelihood of these clients remaining loyal to the business after the sale.Clients and customers value relationships as well as the product or service. Meet with the Key clients if you can and see if there is a natural rapport that can be developed. Some clients are so valuable to the business that losing them would spell disaster to the business. Over dependence on one client in a non-niche product or service is dangerous.The sale of business contract can be drafted to include incentives to the seller for the retention of clients and the acquirement of new referrals. For example, the buyer may receive a percentage of profits from certain clients on an ongoing basis or a one-off referral fee for new work referred by the seller.
A good business lawyer, with true qualifications and experience will be able to guide you with all that is necessary and protect you from buying an unhealthy business that will send you bankrupt.
At CK Lawyers, we have helped hundreds of business buyers with the diligence process.
What to consider when selling a business
It is impossible in this page to include all the things that you need to consider when selling a business so that you get the deal that you desire. Here are some of the more important ones:.
We strongly recommend that you have potential buyers sign a promise to keep information which they learn about your business through the due diligence process confidential and they do that by signing a well-prepared deed of confidentiality. Without a deed of confidentiality, the potential buyer could obtain a list of your clients and then approach them with better terms and conditions that you presently offer, without having to purchase your business.
When considering the value of your business there are certain components of the business that have financial value. These include but are not limited to:
- Plant and equipment
- Intellectual property
- Work in progress
Some of these components have a specific value. A specific wholesale value can be placed on stock and licences. An estimated value can be applied to others based on past performance. For example, the recovery of debtors and work in progress can be determined on how well the business has performed in recovering these in the past. A depreciated value can be estimated on plant and equipment. A taxation depreciation schedule may assist in the value of a business.
The value of goodwill and intellectual property is much more difficult to determine and we recommend that you engage the services of a registered valuer to determine a market value amount.
Ensure that your business financial records are up to date and taxation records have been filed as required. A buyer and valuer are largely going to determine the value of the business based on the previous financial performance of the company. They will make such assessments based on the financial records you provide. For a good price, have good records.
3. Restraint of trade
Most buyers will want to ensure that when they purchase the business from you that you are not going to set up a business in competition with you down the road. You will need to consider in advance what you will be willing to agree to with respect to your future employment or business endeavours. You should consider what you are going to do after the sale. It is likely that the buyer will insist on a condition of sale that you agree not to be involved in any similar type business for a period and or within a geographical area.
If that is the only thing that you know what to do, this will require an assessment of the price so that you have a sound income while you consider other opportunities. It will be of no benefit to you to sell your business for a year’s income when you cannot find a job or another business within that time and you have financial commitments that need to be met.
4. Business name
Will you be selling the name which you have built over the years or not, if not, why not? Does that affect the price?
5. Personal Guarantees
If your business is being operated under a company or trust structure, you would have invariably signed personal guarantees to your landlord in the lease, to the bank, to your car/truck/equipment finance company. Unless you are released from these personal guarantees you may well be held responsible for liabilities after the sale. A good place to start is to review the agreements that you have with your suppliers.
6. Approval and licences
Quite often businesses with operations worth millions of dollars operate without proper approvals from councils or other government authorities. This could greatly affect the price of the business or whether you secure the sale of the business. The buyer will normally insist that you have the approvals, permits and licences that you require to do the work. They will be concerned that the Council or other Government authority may advise them that they can no longer do what they do now.
If you do not have the proper approvals, permits or licences we encourage you to work with your lawyers before the sale or otherwise it must be clearly disclosed to the buyer. If you do not make disclosure you may be sued by the buyer once they realise.
You need to consider the effect of GST, Capital Gains Tax, and income tax on the price that you are asking for. Many sellers decide on a price that they believe they will need in retirement or for a new venture. Without proper consideration of taxation issues, you could lose up to 50% of the sale price.
8. Training and assistance to buyers
In simple businesses, this requirement is negotiable but in complex and high value businesses, purchasers will insist that the vendor and key people stay on for a period to assist in the transition of the business. We encourage you to carefully read any consultancy agreement. This consultancy agreement should clearly identify your responsibilities under the agreement and the duration of the consultancy services.
Not unlike taxes, employee entitlements should be calculated before you decide to sell so that you are clear on what you will receive after all obligations are paid. Long Service leave, redundancy payments, holidays, superannuation all need to be considered.
It is so important when choosing a lawyer to advise and act on the sale of your business that you ensure that they understand business and specialise in this area of law.
When you’re looking for a business lawyer in Parramatta and Sydney, contact CK Lawyers. Simply call us on 9687 6000 or e-mail firstname.lastname@example.org. You can find our offices at Suite 9, Level 2, 410 Church Street, Parramatta, NSW 2150.
PEACE OF MIND KNOWING YOU HAVE THE RIGHT BUSINESS LAWYER
Walid has dedicated much of his life to the study of the law, holding a Master’s degree in commercial Law and a Bachelor degree of Economics. He also holds a Master’s degree in Family Law so no matter how technical or complex your matter is, Walid will have it covered.