6 - Buying a business

Navigating the Purchase of an Existing Business: Key Legal Insights In this episode of Business Know How, host Melissa Bush provides a comprehensive guide to buying an existing business in Australia. She discusses the critical steps involved, such as understanding what you're buying, the difference between asset sales and share sales, and what should be included in the business sale contract. Melissa walks listeners through the due diligence process, emphasising the importance of financial, legal, operational, and market reviews. She also covers key contractual clauses like restraint-of-trade and training provisions and provides an illustrative court case to highlight potential legal pitfalls. This episode is essential listening for anyone considering purchasing an existing business, providing practical advice to ensure a smooth and informed transaction. 00:00 Introduction to Business Know How 00:58 Starting a Business: From Scratch or Buying Existing 01:59 Understanding Business Assets 05:20 Business Sale Contracts: Key Elements 10:00 Due Diligence: Ensuring a Sound Investment 15:22 Negotiating the Business Sale Contract 19:03 Case Study: Misleading Conduct in Business Sales 25:11 Conclusion and Final Thoughts