Buying a Business This Financial Year? Watch This First
A new financial year often sparks big plans — including buying a business.
Whether it’s your first acquisition or you’re expanding, there are key traps that can cost you time, money, and legal headaches if you’re not prepared.
In this short video, Ross Millen from Millens highlights:
✅ The assets people forget to transfer
✅ Land + equipment = hidden duty surprises
✅ Employee risks and redundancy liabilities
✅ Structuring options to protect your future
👉 [Watch the video now] — and get ahead of the game with smart legal steps from day one.
Thinking of making a move? We’ve got a proven checklist and expert advice to help you do it right.
VIDEO TRANSCRIPT
Ross Millen:
Hi. As we've now entered the new financial year, maybe you are thinking about what's your next step in your business development, and sometimes this can be buying another business or whether you're buying a business or buying a company. And what I wanted to talk to you about today is some of the things to look out for when buying a business. Now, obviously when you're buying a business, you have like a sale and purchase of business agreement, and some of the important things in that is to make sure you've identified all of the assets that you're going to buy. Now, basically the main thing is to make sure that all the assets of the business are transferred across, whether it's land leases, licenses, plant and equipment, employees, transferring employees to make sure all of these things come across to you, which you can own in your own existing or perhaps a new entity that you've set up.
So it's our job as your lawyers to make sure we identify all the assets and we go through the process of making sure they're all transferred across. So sometimes you have to watch out for extra duty payable if you're transferring land and plant and equipment together as one transaction. Sometimes you might want the land in one company and then lease it to your operational business. So these are some of the structuring things we can advise you about as well. And with employees, remember any transferring employees, you'll be taking on their accrued liability. So there's got to be an adjustment for that. And sometimes you might want all the employees, so you'll have to have a discussion with the seller about who's responsible for paying any redundancies and things like that. So if it all seems a bit daunting, don't worry. We've got a great checklist. We can help you. If you're thinking of buying a business in this new financial year, remember to contact me, Ross Millen at Millen's. I'm here to help.
