{"id":220964,"date":"2023-02-21T14:00:22","date_gmt":"2023-02-21T01:00:22","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=220964"},"modified":"2023-02-23T19:46:43","modified_gmt":"2023-02-23T06:46:43","slug":"documents-sale-exit","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/documents-sale-exit\/","title":{"rendered":"What Legal Documents Should I Have Before Exiting or Selling my NZ Business?"},"content":{"rendered":"\n<p>As a New Zealand business owner, deciding to <a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/sell-your-company\/\">sell or exit your business<\/a> can be a significant and emotional choice. Many founders think of exiting their businesses at different stages &#8211; some right at the start and some when nearing retirement. However, consider what legal documents you must prepare before deciding to walk away. These documents ensure that your business sale process is smooth and successful. As a result, this article will outline the legal documents you need before exiting or selling your business.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Confidentiality Agreement<\/h2>\n\n\n\n<p>Any prospective buyers wanting to conduct due diligence on your business will want to view your documents, such as:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>finances;<\/li>\n\n\n\n<li>contracts; and&nbsp;<\/li>\n\n\n\n<li>leases.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div  class=\"box box--icon box--star\">\n    <p>However, such documents may be confidential to your business. Consequently, you must protect your confidentiality to ensure third parties, such as competitors, are unaware of your business matters.<\/p>\n<\/div>\n\n\n\n<p>You can prepare a confidentiality agreement or a non-disclosure agreement (NDA) to protect your document confidentiality. These agreements can ensure that the potential buyers are legally bound, meaning that they cannot leak your confidential information to others. Furthermore, the buyer cannot use your tips and tricks to start their business or improve their existing one.&nbsp;<\/p>\n\n\n\n<p>Your NDA or confidentiality agreement can include the following clauses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>definition of confidential information;<\/li>\n\n\n\n<li>parties to the agreement;<\/li>\n\n\n\n<li>duration;<\/li>\n\n\n\n<li>permitted use of information;<\/li>\n\n\n\n<li>the requirement to return or destroy the information; and<\/li>\n\n\n\n<li>consequences if a party breaches terms.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Commercial Property Lease<\/h2>\n\n\n\n<p>If your business sale includes commercial property from which you operate the business, you must arrange to transfer or assign your lease. <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/how-to-assign-a-commercial-lease-in-new-zealand\/\">When assigning the lease<\/a>, you transfer your obligations and rights to the new owner, such as paying rent and the right of exclusivity.&nbsp;&nbsp;<\/p>\n\n\n\n<p>However, you must first read over your lease and ensure no clauses prevent you from assigning the lease. Your landlord will also need to consent to the assignment.<\/p>\n\n\n\n<p>To assign your lease, you must prepare a deed of lease assignment. This may include variations to the underlying lease (if agreed between your buyer and the landlord).<\/p>\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        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_2452_3\" class=\"gfield gfield--type-phone gfield--input-type-phone gf_right_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_3'>Phone<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_2452_3' type='tel' value='' class='medium'   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_2452_14\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full custom-select gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label 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Most founders transfer their employees to the new owner in the business sale. However, you must note that employees are only affected if the business sale is an asset sale. In a share sale, the employer (i.e. the company) does not change.&nbsp;<\/p>\n\n\n\n<p>If your employees are affected, you must get all your employee agreements together, ready for the potential buyer to view. Moreover, check what employee protection rights are outlined in the agreements. Often such a clause will require you to meet with your employees and get their feedback on the business sale.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sale and Purchase Agreement<\/h2>\n\n\n\n<p>Regardless of whether your sale is a <a href=\"https:\/\/www.business.govt.nz\/how-to-grow\/planning-to-exit\/what-to-do-when-selling-your-business\/\">sale of business assets or shares<\/a>, you will need to document the key terms of the sale in a sale and purchase agreement. This will set out any conditions attached to the sale, specific completion mechanics (such as payment of purchase price) and any obligations you must meet before completion (for example, assigning business contracts to the purchaser).&nbsp;<\/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\">Heads of Agreement<\/h2>\n\n\n\n<p>Before you document your sale and purchase agreement, putting a <a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/when-is-a-heads-of-agreement-legally-enforceable-in-new-zealand\/\">heads of agreement<\/a> (or term sheet) in place can be helpful. This sets out the high-level vital commercial terms of the deal you and the purchaser negotiate.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Your heads of agreement may include:<!-- \/wp:paragraph --> <!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><\/p>\n<li>pricing;<\/li>\n<li>what the sale includes;<\/li>\n<li>possible settlement date; and<\/li>\n<li>whether you will transfer the lease.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>There are a few legal documents that you should have before selling your business. However, not all documents are needed depending on whether your business sale is an asset or a share sale. Overall, however, you may prepare the following documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>confidentiality agreement;<\/li>\n\n\n\n<li>property lease;<\/li>\n\n\n\n<li>employee agreements;<\/li>\n\n\n\n<li>heads of agreement; and<\/li>\n\n\n\n<li>sale and purchase agreement.<\/li>\n<\/ul>\n\n\n\n<p>If you need help preparing your business for sale, our experienced <a href=\"https:\/\/legalvision.co.nz\/business-sale-purchase-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>.&nbsp;<\/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-1676939165331\"><h3 class=\"schema-faq-question\">How do I protect my business\u2019s confidentiality?<\/h3> <p class=\"schema-faq-answer\">To protect your confidential information during the buyer\u2019s due diligence process, you can draft a legally binding NDA. This will prevent the buyer from stealing your information for their advantage. First, however, you must clearly define what information is considered confidential in the agreement.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1676939174467\"><h3 class=\"schema-faq-question\">What is a sale and purchase agreement?<\/h3> <p class=\"schema-faq-answer\">A sale and purchase agreement will outline the terms and conditions of your business sale. It can include critical issues such as pricing, payment, assets, goodwill and settlement dates.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>As a New Zealand business owner, deciding to sell or exit your business can be a significant and emotional choice. Many founders think of exiting their businesses at different stages &#8211; some right at the start and some when nearing retirement. However, consider what legal documents you must prepare before deciding to walk away. These<a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/documents-sale-exit\/\">Continue reading <span class=\"sr-only\">&#8220;What Legal Documents Should I Have Before Exiting or Selling my NZ Business?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":215585,"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":"205422,1288,206968,213930,205907,218580","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[13],"tags":[23,25,33,34],"class_list":["post-220964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-and-purchase","tag-start-a-business","tag-small-business","tag-company-sale","tag-share-sale"],"acf":[],"yoast_head":"<!-- This site is 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