Selling a business is a major decision. Whether you’re stepping away after years of hard work or preparing for a new venture, there’s more to selling than simply finding a buyer.
You’ll need to prepare your financial records, review legal agreements, and ensure the contract protects your interests before and after settlement. This guide breaks down the key steps—what to do first, what documents you need, and how professional support from Business Lawyers in Brisbane can help you get it right.
We’ll cover what it takes to sell smoothly and avoid legal or financial trouble down the track.
I. What Should You Do First When Planning to Sell Your Business in Brisbane?
The first step in this Guide to Selling a Business is preparation. You want your business to look organised and attractive to buyers. This means getting everything in order before listing it for sale.
Here’s what to focus on:
1. Get your financial records ready. Make sure profit and loss statements, tax returns, and other financial documents are up to date and accurate.
2. Review your legal structure. Are you a sole trader, partnership, or company? This can affect how the sale is handled.
3. Organise contracts and agreements. These include staff contracts, supplier agreements, and customer terms.
4. Fix up your business premises. If you’re leasing a space, check the lease terms and see if it can be transferred.
5. Value your business. A qualified accountant or business valuer can help work out what your business is worth.
Preparing these items ahead of time saves stress later and makes your business more appealing to serious buyers.
II. How Can You Make Sure Your Sale Contract Protects You?
The sale contract is one of the most important parts of our Guide to Selling a Business. It’s the document that spells out what’s being sold, how much for, and under what conditions. A well-drafted contract can prevent arguments and problems after the sale.
Key things to include in the contract:
- List of assets included in the sale (equipment, stock, intellectual property, etc.)
- Terms around staff—whether they’re staying on or being let go
- Transfer of the lease if you’re operating from a rented space
- Warranties and disclaimers to limit your liability
- Non-compete clauses so the buyer knows you won’t start a rival business nearby
- Payment terms and handover conditions
A contract that clearly sets out these points protects you if something goes wrong after the buyer takes over. This is why many sellers seek help from Business Lawyers in Brisbane or a qualified conveyancer.
III. What Legal Documents Do You Need to Sell Your Brisbane Business?
Selling a business involves more than a handshake. Several legal documents are required to complete the process properly and reduce the risk of future disputes. The paperwork may vary depending on the type of business, but these are the most common:
- Contract of sale: Outlines the terms of the deal
- Asset list: Details what is and isn’t included in the sale
- Lease assignment: needed if your business operates on rented premises
- Transfer documents: For licences, permits, or registrations
- Employee records: Must show entitlements, contracts, and leave balances
- Release letters: From landlords or banks if needed
Without these documents, buyers may delay settlement or pull out altogether. Having everything ready ensures you’re meeting your obligations and making the process smoother for both sides.
Some documents might need to be reviewed or drafted by Business Lawyers in Brisbane, especially if they involve long-term agreements or government approvals.
Also Read: Deed vs Contract: What’s the Difference?
IV. Do You Need a Conveyancer or Business Lawyer to Sell a Business in Brisbane?
This is one of the most common questions in any Guide to Selling a Business. The answer is yes—professional support can make a big difference.
A conveyancer or Business Lawyer in Brisbane can help you:
- Draft or review the contract of sale
- Check for risks or hidden obligations
- Ensure all documents are legally sound
- Liaise with the buyer’s legal team
- Make sure settlement goes through without delays
- Handle the legal handover of licenses, leases, and business names
Even if you’ve sold a business before, every sale is different. Legal advice helps make sure you don’t miss anything that could affect the outcome. And if the buyer is Buying a Business in Brisbane, they’ll likely have legal support on their side too—you should have the same.
Tying Up Loose Ends: Final Checks for a Smooth Exit
Once the contract is signed and settlement is complete, you’re not done just yet. This last step in our Guide to Selling a Business is about making sure everything is wrapped up properly.
Here are your final tasks:
- Hand over keys, records, and access to systems and tools
- Notify suppliers, customers, and staff about the sale
- Update business registrations with the ATO and ASIC if needed
- Cancel or transfer licences and permits
- Keep copies of all important documents, just in case there are future issues
This phase is often where problems arise, especially if the contract didn’t clearly outline who is responsible for what. With proper planning and help from Business Lawyers in Brisbane, this stage should be straightforward.
Do you have questions about how to make the sale process smoother, or whether your contract protects your interests? At CJC Law, we support Brisbane business owners from start to finish. Whether you’re finalising a deal or preparing for your first meeting with a buyer, our team of experienced conveyancers and Business Lawyers in Brisbane can guide you through each step. Reach out today for advice that puts your interests first.
