Home – New Forums Other discussions Selling a business – do i need a lawyer?

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  • #982190
    Cizzy1810
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    Hi, i have a small retail business that i will sell to my business partner. We have reached an agreement and he will pay me what i own within 3 months. Do i need to employ a lawyer to formalize this sale or is it safe to stipulate an agreement between us? Will this make the sale official and will i have, eventually, the power to claim my money in case he doesn’t pay within the terms?

    thanks

    #1135486
    sam_leader
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    Hi Cizzy,

    Welcome to Flying Solo. Here’s hoping you’ll get some guidance from the community on your question.

    Cheers,

    Sam

    #1135487
    JacquiPryor
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    Hi Cizzy,

    Ultimately, if you have a written agreement that you both sign that outlines how much your partner is going to pay you, and within what time frame then you’ll have something to produce in the event they don’t pay and you need to take action.

    However, I would still suggest you have a lawyer at the very least review an agreement you might draft yourself in case it’s missing anything major or leaves you open in any way. The lawyer won’t make the sale ‘official’ but will make sure the sale is safe for you.

    #1135488
    PRO
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    If a lawyer stuffs up your agreement you are covered. If you do it …?

    #1135489
    al.giffard
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    Cizzy,

    Even though it sounds unlikely that anything will go wrong, I’d suggest you consider also the amounts at stake. It’s generally best to get someone to at least check over the agreement you’ve reached between the two of you.

    Far easier and cheaper to check now than to try to correct something after the deal’s done.

    Regards,

    Al.

    #1135490
    Cizzy1810
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    Thanks everyone for your replies. So basically it is a cost-benefit sort of issue. It is my first business experience in Australia and back in my country when you have to make an agreement official you must sign in front of a Public Notary.

    It just seems very easy (too easy…) the fact that you can make a sales agreement by signing a piece of paper that we have produced.

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