Business sale & purchase checklist

What the checklist covers

• Financials: three years of profit and loss, balance sheets, BAS and tax returns, reconciled to the bank statements
• Lease: term, options, rent reviews, outgoings, make-good and the landlord consent process
• Employees: entitlement balances, awards and contracts, and who pays out leave at settlement
• Plant and equipment: what is owned, what is financed, and the PPSR searches and releases
• Licences and permits: liquor, food, trade and council approvals, and whether they transfer
• Settlement day: stocktake, adjustments, transfers, releases, keys, passwords and online accounts

Business sale checklist FAQs

What is in the business sale and purchase checklist?

Two pages covering the documents to request from the other side and the checks to complete at each stage: three years of financial statements, BAS and tax returns, the lease and landlord consent, employee records and entitlement balances, plant and equipment with finance details, PPSR searches, licences and permits, supplier and customer contracts, and the settlement-day items such as releases, transfers, stocktake and passwords.

Is the checklist free?

Yes. Give us your name, email and a few details about your deal and the PDF unlocks straight away. We also email you a copy along with the next steps for the stage your deal is at. There is no cost and no obligation.

Does it apply to Queensland business sales specifically?

Yes. It is written for Queensland asset sales — Queensland retail shop lease assignment requirements, Queensland licensing and duty position, and the PPSR and GST going-concern issues that apply nationally.

Should a buyer or a seller use it?

Both. A buyer uses it as the document request list and due diligence plan. A seller uses it to assemble the pack before going to market, which shortens due diligence and reduces the price chipping that comes from missing paperwork.

When should I use the checklist?

Before you sign anything if you can, and no later than the first day of the due diligence period. Landlord consent and licence transfers are the items that delay settlement, so the earlier the requests go out, the better.

Do I still need a lawyer if I work through the checklist?

The checklist tells you what to ask for; it does not tell you what the answers mean or how the contract should respond to them. Business contracts are not standardised the way residential conveyancing is, and the risk sits in the lease, the warranties, the restraint and the settlement mechanics. Have the contract reviewed before you sign, or keep it conditional so it can be.

What does Coastside Law charge to act on a business sale?

We quote a fixed fee once we have seen the contract and know whether a lease assignment, licence transfer or franchise consent is involved. The first conversation is obligation free — call us on 0488 340 853.

Keep reading

• Buying or selling a business in Queensland: what you need to knowRead the guide
• Buying or selling a business in Queensland: step-by-stepRead the guide
• Buying and selling body corporate management rights in QueenslandRead the guide
• Commercial property conveyancing in Queensland: what buyers and sellers need to knowRead the guide