The last blog on this matter:
If there are licences to operate, or possibly a government consent involved the Agreement should provide provision for the licence to be current and transferred upon settlement so you as the Purchaser can continue to trade.
You should also ensure the Agreement provides provision for the Vendor to remain for a period after settlement to ensure smooth transition, and gain some practical tips and experience from the Vendor.
Seek the advice of your Accountant around any matters regarding GST. In particular if you as the Purchaser are registered for GST this will make the transaction zero rated for this purpose.
Seek advice as to whether the business should be purchased in your dividual names or the name of a Company.
Furthermore I can not stress the importance of you completing your full due diligence before entering into any Agreement to purchase a business or franchise.
Warm regards Kim
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