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SPSM99

Buying and selling a closely-held business

NZ $38.00
Author(s): Rowena Lewis, Ron Evans
Published: 1 November, 1999
Pages: 96

   

Introduction


This paper deals with various important legal, practical and drafting aspects of the sale and purchase of a closely held business. It does not purport to discuss the sales and purchases of those businesses operated by managers who do not exclusively own the business and are therefore not affected by the success or failure of the business, such as those owned by public companies, although the law is usually the same.

There is a standard form of agreement for sale and purchase of a business in common use. While the basic form is standard and is used for all types of business’ be they retailing, manufacturing, wholesaling etc and be they large or small, the actual sale and purchase of a business is rarely a routine transaction. Careful individualised attention is required . The main purpose of this paper is to highlight some of the more important aspects of the sale and purchase of a business transaction. To consider all matters would not be possible.


 

Content outline

  • What is a closely-held business?
  • Statistical information
  • Reasons for purchasing a business
  • Due diligence
  • Who should contract and how?
  • Structure
  • Represenations
  • Valuation and the price
  • Financing the purchase
  • Receiverships
  • Purchasing a bankrupt's business
  • Purchases of specific businesses
  • Selling a business
  • The standard contract
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