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So you are thinking about selling your small business and are wondering about what form the contract will take? Well keep watching while I explain a bit about business sale contracts. Im John Gallagher from Argon Law and Id like to tell you about contracts for the sale of small businesses in Queensland. Whilst there are many things you need to do before your contract of sale is prepared, once you do have a party interested in paying you an acceptable price then you should talk to your lawyer or broker about drawing up a terms sheet and then a contract. A terms sheet is a list of the key matters agreed between the parties such as the price, deposit and settlement date, how things like stock and employees are to be treated, as well as whether a finance or due diligence period is to be granted to the buyer. Once the parties have agreed on a terms sheet then the contract can be prepared. Most small businesses in Queensland are sold using the standard form of Business Sale Contract publis
