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Management Rights

Purchase Process

The Purchase Process

10 Steps to buying Management Rights

 

  1. Find a management rights - identifying a property that suits your requirements
  2. Negotiate a Price - Our experienced business brokers will assist in negotiating the best possible outcome
  3. Offer and Acceptance - formalise the negotiations with a signed document, pre contract
  4. Sale Contracts - contracts for sale are executed and signed by both parties
  5. Deposits - initial deposits are paid upon contract signing
  6. Financial Verification - the buyers accountant is engaged to verify the financial records of the business, typically 14 days from contract date
  7. Legal Due Diligence - the buyers solicitor is engaged to undertake a search and check the agreements, letting authorities and body corporate records for satisfaction, typically 21 days from contract date
  8. Finance Approval - the financier can only approve finance upon satisfaction of Financial Verification and Legal Due Diligence, typically 28 days from contract date
  9. Body Corporate Approval - the incoming manager requires body corporate consent prior to receiving the assigned agreements, usually a minimum of 3 days prior to settlement
  10. Settlement - New owners take control of the business and receive 14 days onsite training by outgoing manager

     

 

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