What do I do?
Well, earlier this year I helped an online food business understand how they could use a customer database they thought they had acquired when buying another business.
My client had tried to do all the right things before the purchase, but in the rush to get the deal done had changed the contract terms themselves.
It was also a fairly small purchase price - lots of upside 😊 but this meant they had decided not to do a comprehensive due diligence (checking to see if there were any problems with the accounts, legals and operations).
👩💻 review the business purchase agreement and determine what comprised the business purchased by my client
🕵️ investigate the full history of the customer database
👩🎓 research Australian Privacy laws and Company laws
👩🏫 advise my client on whether they could, or could not use the customer database and any penalties that would apply for wrongful use
Fortunately, I determined that my client owned and could use the database. It was a close run thing, and my client was very fortunate.
Buying a business? I can help you make sure you are getting what you think you are paying for.
Bought a business? I can help you out with issues that arise after the purchase.
Book in for a complementary chat. Link in bio 👆