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RETHINKING YOUR BUSINESS OR STARTING A NEW BUSINESS?

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Rethink your business or start a new business – now may not be a bad time

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COVID-19 may have adversely affected several businesses, but many business owners have also found this period to be the perfect time to restructure their businesses and streamline their work processes. Many entrepreneurs are also exploring new business opportunities or ways to expand or diversify their businesses.

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If you are a business owner looking to expand your business, you may wish to consider buying over assets from other business owners who are ending their businesses – you will be helping these sellers get something back from their ventures and you might get yourself a very good deal for things you are already thinking of buying!

If you wish to start a new business, it may not be a bad idea to take over an existing business (if you think it could be viable), benefit from the goodwill, established contacts and contracts of the business, and save yourself the trouble of starting a new business from scratch.

And, if you are thinking of ending your business or any part of it, you might want to consider selling away the business or certain assets, or shares in your company, so that you can get some money out of it.

Other than through word of mouth by friends and relatives, there are other avenues to find buyers and sellers of businesses or assets or shares in companies. In this digital age, there are many online platforms that allow sellers to put businesses up for sale and look for potential buyers (and buyers to look for businesses to take over).

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Whether you are selling or buying a business or assets or shares, you should do some due diligence on the person you are dealing with and consider entering into a formal sale and purchase agreement to set out clearly the terms of the transaction, to avoid any problems or disputes arising from any misunderstanding or miscommunication.

If you ever need legal advice or assistance for your commercial transactions, we are here for you. Get in touch with us at 6854-3073 or matthewang@pkwalaw.com

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Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only, and to enable you to learn more about our firm, our services and our lawyers.  Information on this website may not constitute the most up-to-date legal or other information.  Readers of this website should engage a lawyer to obtain advice with respect to any particular legal matter.

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Have a question? We offer a free first consultation at our office. Contact PKWA Law today.
Call Us At +65 6854 5336
(Family Law)
Call Us At +65 6397 6100
(Conveyancing)
Email Us At mail@pkwalaw.com