Working with Lawyers Through the Sale Process

 

Published March 2025

Lawyers play an important role for both sellers and buyers, helping to manage risk for their respective clients, ensure a well drafted contract of sale and other related sale documents, and that the all-important settlement goes smoothly. Here are our top tips for working with lawyers through the sale process:

1. Have a lawyer!

This may seem obvious but sometimes buyers or sellers feel they can play this role themselves. We don’t recommend this.  A legal adviser should bring deep experience and capability to the process and an important, independent lens for their client.

2. Appoint a lawyer with relevant experience

Most sellers of accounting or bookkeeping practices have already developed relationships with one or more lawyers through their careers. A good existing relationship can be helpful but it is more important that the lawyer comes with specific relevant experience in small business sales, ideally with experience in practice sales. DMY can recommend legal firms who fit the bill if required.

3. Brief your lawyer well

You may use your lawyer to review the draft Heads of Agreement (recommended), and certainly to prepare and finalise the contract of sale. It is important to ensure they are well briefed not just on the specifics of the transaction (to avoid re-inventing the wheel) but any relevant context on the journey to date with the preferred buyer. Again DMY can assist with this.

4. Stay close to your lawyer through the contract drafting process

It is not uncommon for the seller's and buyer’s lawyers to disagree on certain matters contained within the contract of sale. In such situations, DMY typically recommends that the seller and buyer come together, with DMY facilitating, to discuss and align on those matters so that they can then brief their respective lawyers on the outcome required. This enables a more efficient contract drafting process, saves legal fees on both sides and also helps the seller and buyer stay connected as they move towards settlement and transition.

 

If you are thinking about selling and want to discuss this, and all the other key issues relating to the successful and smooth sale of your practice, reach out to us below:

 

Mark Emney

Director

Mobile: 0434 079 530
Email: mark@dmyassoc.com.au

 

Daniel Jones

Director

Mobile: 0401 493 773
Email: daniel@dmyassoc.com.au