After making decisions regarding the type of business to be operated, the business structure, and how the business will be funded a buyer will need to consider the terms and conditions of a business sale contract. There are some standardised agreements such as the Real Estate Institute of Queensland (“REIQ”) Business Sale Contract. Regardless of whether a standardised contract is used or whether it is a one-off prepared contract a buyer will need to obtain legal advice to protect his or her interests.

In reviewing a business sale contract the following should be considered:-