31 July 2019
Michael Jeffery

Sierra Legal present to members and suppliers of VANA

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Sierra Legal enjoyed giving a presentation this week at the Mornington Hotel to a group of newsagent owners, various suppliers to the newsagency industry and members of the VANA Ltd Board. Our presentation shared a few practical tips and traps in selling your business, including:

  • having the right corporate structure in place;
  • getting your backyard in order;
  • appointing your advisers early;
  • working out the best sale structure;
  • marketing your business;
  • using a term sheet before going to formal contracts;
  • allowing for due diligence by the purchaser;
  • getting drafting control of the transaction documents;
  • being wary of earn-outs;
  • being wary of warranties in the sale and purchase agreement;
  • minimising conditions precedent;
  • not losing focus on your business during the sale process; and
  • recognising that the deal isn’t done until completion occurs.

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