Sierra Legal enjoyed giving a presentation this week at the Mornington Hotel to a group of newsagent owners, various suppliers to the newsagency industry and members of the VANA Ltd Board. Our presentation shared a few practical tips and traps in selling your business, including:

• having the right corporate structure in place;
• getting your backyard in order;
• appointing your advisers early;
• working out the best sale structure;
• marketing your business;
• using a term sheet before going to formal contracts;
• allowing for due diligence by the purchaser;
• getting drafting control of the transaction documents;
• being wary of earn-outs;
• being wary of warranties in the sale and purchase agreement;
• minimising conditions precedent;
• not losing focus on your business during the sale process; and
• recognising that the deal isn't done until completion occurs.