Do’s & Don’ts

Buying a Business

Do’s

• Consult your solicitor before you sign the Contract
• Consult your Accountant before you sign the Contract
• Consider your experience
• Consider your expertise
• Determine your initial financial limit
• Determine your possible ongoing financial obligations
• Investigate your security of tenure
• Investigate your equipment and staffing needs
• Most importantly, inform yourself by seeking assistance from professionals

Don’ts

• Accept contractual documents on their face value
• Accept verbal promises that are not confirmed in writing in the Contract
• Proceed believing we can “fix that later”
• Proceed without checking all elements of the Contract and the Business and your personal needs with your solicitor

Franchises

Do’s

• Consult your solicitor before signing any documents
• Consult your Accountant before signing any documents
• Consider your experience
• Consider your expertise
• Determine your initial financial limit
• Determine your ongoing financial obligations
• Investigate your staffing and equipment needs
• Investigate your security of tenure under the Contract
• Challenge the assumption you have about the franchise
• Challenge the unfair terms and conditions of the Contract

Don’ts

• Assume what the Contract says is non-negotiable
• Assume the franchise is doing you a favour
• Proceed believing we can “fix that later”
• Proceed without checking all aspects of the franchise and your personal needs with your solicitor

Residential and Investment Property Purchases and Sales

Do’s

• Consult your solicitor before the purchase
• Consult your Accountant before the purchase
• Determine your needs and wants in respect of the purchase
• Determine your financial limits and capacities
• Investigate the structural soundness of the property
• Investigate the Council planning conditions for the property

Don’ts

• Accept contractual documents on their face value
• Accept verbal promises that are not confirmed in the written contract
• Proceed believing we can “fix that later”
• Proceed without checking all elements of the Contract and the Business and your personal needs with your solicitor

Wills & Powers of Attorney

Do’s

• Consider specific gifts of your property to relatives and friends
• Consider how you want the rest of your property distributed
• Choose an Executor who you will trust to carry out your wishes
• Choose which powers you want your Executor to have in relation to your Estate
• Determine Guardians for your young children
• Determine any funeral or commemorative arrangements you may wish to make
• Plan ahead
• Plan for the comfort of those you leave behind

Don’ts

• Leave it to the last minute
• Leave a mess