What to discuss at the first meeting
Distinguish a sale of business assets from a transaction involving shares or another ownership interest. Explain what is being transferred and which employees, leases and licences are involved.
Ask which tax, accounting and valuation work must be obtained separately.
Working with a firm in Far West
A Far West search starts with Broken Hill, but the right adviser may also be available remotely. For a matter involving another state, explain where the event occurred and where any property, employer or other party is based.
For buying or selling a business, ask which parts of the work the firm handles itself and whether it has relevant NSW experience. Let the lawyer know if a property, employer, other party or existing proceeding is outside Far West. Your home address alone does not determine the applicable process.
How the engagement may progress
Explain the transaction, amount involved, parties and desired result. Provide the current agreement and relevant entity or trust details.
Ask which risks need legal, accounting, tax or technical advice. Identify essential terms and those you are willing to negotiate.
Agree who negotiates, approves documents and tracks continuing obligations. Clarify whether post-completion advice is included.
Fees and the scope of work
Request a defined scope or staged budget with assumptions about document review and negotiation rounds. Personal guarantees, tax and related disputes may need separate work.
Ask for a written scope identifying the work you are authorising, the person responsible and when costs will be reviewed. If you only want advice on one step, say so before the firm begins wider work.
Dates to raise at first contact
Highlight signing dates, finance conditions and demands. Raise an inability to meet debts immediately so appropriate advice can be identified before further commitments.
Questions to ask a buying or selling a business adviser
- What due diligence is needed?
- Who handles lease, employee and approval issues?