{"id":218686,"date":"2022-11-14T17:41:13","date_gmt":"2022-11-14T04:41:13","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=218686"},"modified":"2022-11-14T17:41:15","modified_gmt":"2022-11-14T04:41:15","slug":"business-sale-settlement","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/business-sale-settlement\/","title":{"rendered":"6 Considerations When Settling an NZ Business Sale"},"content":{"rendered":"\n<p>Buying a business can be daunting, especially when there are many steps to consider. After signing the business sale and purchase agreement, there may be a delay until you become the business owner. During the settlement time, you must execute specific actions such as paying the purchase price or checking business assets. This article will guide you through the vital considerations of settling a business sale.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Paying the Purchase Price<\/h2>\n\n\n\n<p>Once you sign the sale and purchase agreement (SPA), you must pay a deposit. Often this is 10% of the total purchase price but may vary depending on the agreement. You can pay the deposit to the seller\u2019s agent or lawyer. The seller will not receive the deposit until settlement or when the SPA becomes unconditional.&nbsp;<\/p>\n\n\n\n<p>At the settlement date, you will pay the seller the rest of the purchase price. Often the price is detailed in the SPA, although adjustments may occur due to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>rent payments;<\/li><li>outgoings;<\/li><li>employee benefits; and<\/li><li>stock.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Transferring Intellectual Property (IP)<\/h2>\n\n\n\n<p>The seller may be selling their IP with their business, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>business name;<\/li><li>trade marks;<\/li><li>patents;<\/li><li>design rights;<\/li><li>websites;<\/li><li>domain names;<\/li><li>customer bases; and&nbsp;<\/li><li>social media accounts.<\/li><\/ul>\n\n\n\n<p>You must ensure that the vendor transfers all relevant IP at settlement. Which IP to transfer should be outlined in your SPA. Moreover, the seller should help with the IP transfer by:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>informing you of login details for social media accounts and work systems;<\/li><li>liaising with the hosting service to transfer the website and domain names;<\/li><li>providing a list of customer contacts and names;<\/li><li>applying for a <a href=\"https:\/\/legalvision.co.nz\/intellectual-property\/transferring-trade-mark\/\">trade mark assignment<\/a> with IPONZ; and<\/li><li>filing a change of ownership request for a patent on IPONZ.<\/li><\/ul>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n       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Before the settlement date, you need to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>ensure the seller <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/how-to-assign-a-commercial-lease-in-new-zealand\/\">transfers the lease <\/a>to you; or<\/li><li>enter into a new lease agreement with the landlord.<\/li><\/ul>\n\n\n\n<p>To transfer the lease, the seller must gain consent from the landlord. Moreover, the landlord may ask you to provide them with your CV, credit score and financial statements to assess you as a potential tenant. Thereafter, they can transfer the lease using a deed of assignment. However, you must review the lease and confirm that you are happy with the lease obligations, such as rent and outgoings.&nbsp;<\/p>\n\n\n\n<p>Alternatively, you can directly discuss entering into a new lease with the landlord. This method allows you to negotiate lease terms that suit your business needs. Your commercial lease agreement should detail:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>rent amount;<\/li><li>rent review method;<\/li><li>outgoings;<\/li><li>maintenance and repair obligations;<\/li><li>renewal;<\/li><li>termination;<\/li><li>right to quiet enjoyment;<\/li><li>right of exclusive possession; and<\/li><li>insurance.&nbsp;<\/li><\/ul>\n\n\n\n<p>When deciding between the options, consider the time left on the existing lease. For example, if the lease is due to expire two months after settlement, it is preferable to enter into a new lease.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Assessing Business Equipment<\/h2>\n\n\n\n<p>Your SPA should detail what equipment you are purchasing with the business. This can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>machinery;<\/li><li>computer equipment; and<\/li><li>vehicles.&nbsp;<\/li><\/ul>\n\n\n\n<p>It is crucial to check each piece of equipment to ensure it is in good working order. You may engage a professional to verify there are no issues with the equipment, although you will need to pay for these services.&nbsp;<\/p>\n\n\n\n<p>If you discover there are issues with any equipment, you should discuss this with the seller, who can begin repair or maintenance processes. Moreover, the seller has an obligation to transfer the business assets to you free of any security interests. They must provide you with releases of any security interests over the assets on settlement otherwise you are not obtaining clear title to these assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Business Contracts&nbsp;<\/h2>\n\n\n\n<p>The company you buy may have key contracts with suppliers, customers and investors. The seller must transfer these contracts to you. If not, you may struggle to acquire funds or materials during the course of business. However, you must ensure that your SPA contains special business contract conditions.&nbsp;<\/p>\n\n\n\n<p>The special conditions should require the seller to assist you in acquiring business contracts by:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>introducing you to the relevant parties; and<\/li><li>providing information to third parties to help with the grant or transfer of the contract.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Transfer of Employees<\/h2>\n\n\n\n<p>You can <a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/employees-sale-of-business\/\">offer employment<\/a> to the company\u2019s existing employees if you like. This can be beneficial as existing employees are aware of processes and have existing relationships with customers. When offering employment, ensure the agreement begins from the settlement date. Moreover, you should consider if your SPA requires you to develop an employment agreement similar to the existing employee agreements.&nbsp;<\/p>\n\n\n\n<p>The seller must pay any outstanding entitlements if any employees are made redundant.\u00a0<\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/28131832\/how-to-sell-your-business-guide-_-560x792-1-e1635392481928.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">How to Sell Your Business in New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>Looking to sell your business? This free guide will help you to understand the moving parts that impact a successful sale. <\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/guide-to-selling-your-nz-business.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>When settling a business sale, you must be aware of certain considerations. This includes paying the purchase price and ensuring that IP is transferred. You must also confirm whether the lease can be transferred or if you need to enter a new one. Moreover, ensure you assess the business equipment, acquire key business contracts and offer employees an employment contract.&nbsp;<\/p>\n\n\n\n<p>If you need help settling a business sale, you can contact our experienced <a href=\"https:\/\/legalvision.co.uk\/business-lawyers-lp\">business lawyers<\/a> to assist as part of our LegalVision membership. You will have unlimited access to lawyers who can answer your questions and draft and review your documents for a low monthly fee. Call us today at&nbsp; <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1668400846109\"><strong class=\"schema-faq-question\"><strong>How can the lease be transferred to me?<\/strong><\/strong> <p class=\"schema-faq-answer\">If you have the landlord\u2019s consent, the lease can be transferred through a deed of assignment. This will include the seller\u2019s, the landlord\u2019s and your explicit consent. It will also outline all lease obligations.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1668400856190\"><strong class=\"schema-faq-question\"><strong>When do I pay the purchase price?<\/strong><\/strong> <p class=\"schema-faq-answer\">The purchase price is usually paid on the settlement date as outlined in your SPA.\u00a0<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"ed19fd34f0\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/218686\" \/>            <input value=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/business-sale-settlement\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"6 Considerations When Settling an NZ Business Sale\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Buying a business can be daunting, especially when there are many steps to consider. After signing the business sale and purchase agreement, there may be a delay until you become the business owner. During the settlement time, you must execute specific actions such as paying the purchase price or checking business assets. This article will<a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/business-sale-settlement\/\">Continue reading <span class=\"sr-only\">&#8220;6 Considerations When Settling an NZ Business Sale&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":215632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"206177,1828,209090,212563,1373,214197","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[13],"tags":[25,33,57,467],"class_list":["post-218686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-and-purchase","tag-small-business","tag-company-sale","tag-business-sale","tag-settlement-agreements"],"acf":[],"yoast_head":"<!-- This site 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This will include the seller\u2019s, the landlord\u2019s and your explicit consent. It will also outline all lease obligations.\u00a0","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/business-sale-settlement\/#faq-question-1668400856190","name":"When do I pay the purchase price?","acceptedAnswer":{"@type":"Answer","text":"The purchase price is usually paid on the settlement date as outlined in your SPA.\u00a0","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/218686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13316"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=218686"}],"version-history":[{"count":2,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/218686\/revisions"}],"predecessor-version":[{"id":218688,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/218686\/revisions\/218688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/215632"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=218686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=218686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=218686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}