Jeffrey T Lee has a law degree and an accounting degree, and has been a lawyer for more than 25 years acting for, and advising clients, on corporate law, property law, litigation, immigration law, family law and other legal areas. He has run his own law firm for over 20 years.
Jeff has a special interest in the running of his clients’ businesses. In Comasters Rose Commercial, he uses his know-how and contacts to help owners sell their businesses.
Apart from English proficiency, he reads, writes, and speaks Malay and Indonesian, and speaks Hokkien, Mandarin and Cantonese.
Jeff served for three years as president of the Australian Malaysian Singaporean Association. His interests include Asian history, health fitness and computer technology.
Elaine has a Bachelor’s degree in International Business and a Master’s degree in Economics. She has been an owner and the executive director of a medium sized restaurant serving Chinese cuisine for over 10 years.
Elaine possesses an intimate knowledge of the management of small and medium enterprises. In Comasters Rose Commercial, she uses this knowledge in advancing the sale of businesses for clients.
Apart from English proficiency, she reads, writes and speaks Mandarin and Cantonese.
Elaine’s interests include art design, cooking and travel.
The following is an overview of the services that Comasters Rose Commercial (as a Business Agent) provides to owners in selling their businesses.
In Australia, there are regulations surrounding who may sell businesses on behalf of an owner. In New South Wales, the appropriate person is known as a Business Agent. Rules of conduct set out in the Property, Stock and Business Agents Act 2002 govern the activities of the Business Agent.
Normally, a Business Agent would interview the Owner of the business and would identify the main points and then compile the information obtained into an Information Memorandum. This Information Memorandum serves as a snapshot of the business from the point of view of potential Purchasers.
The Information Memorandum may include:
Before a Purchaser gets access to the Information Memorandum, the Purchaser must first sign a Non-Disclosure and Confidentiality Agreement. This agreement acts to protect the Owner of the business. “Business secrets” should not be paraded in the public domain. A Business Agent typically charges a few thousand dollars for the professional time incurred in preparing an Information Memorandum.
Depending on the wishes of the Owner, the business is then advertised through a number of media types, including direct marketing to the Business Agent’s own contacts. The Owner normally gives the Business Agent an exclusive agency period of six months to sell the business.
In locating the right Purchaser and closing the deal, the Business Agent would be paid a commission by the Owner of the business. A lawyer would be engaged by the Owner to prepare a Contract for Sale of Business and the Business Agent would work closely with the lawyer.
Normally, the Purchaser would conduct their Due Diligence for a period of about two weeks before the Purchaser puts down a deposit of 10% on exchange of the Contract with the Vendor (Owner). About four weeks later, the handover or settlement would take place. The Vendor gets paid, the Purchaser becomes the new Owner of the business.
We are always happy to discuss new matters initially on the telephone without obligation. If we can assist you or your associates in any matter, please don’t hesitate to get in touch.
Comasters Law Firm and Notary Public is a commercial legal practice in Sydney. We conduct matters in a range of legal areas. Whilst based in Sydney, Comasters maintains close links with business people across the Asia Pacific region.