Each business transaction is unique and there is no one size fits all approach to purchasing a business. Some key considerations that should be taken into account by a purchaser include: Is there a lease to be transferred and how long are the remaining terms? A purchaser should carefully consider the obligations of the lease that is being transferred as some leases can have onerous provisions. It is important that a purchaser is aware of these before signing. Will there be a restraint of trade applied to the vendor post settlement? To protect their business investment, most purchasers will require the vendor to sign a restraint of trade clause that prevents the vendor from opening a rival business nearby.

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