Franchising is a business model whereby the franchisor grants to the franchisee the right to operate a business utilising a trade name and business system. The franchisor usually exercises a high degree of control over the franchisee through established management, marketing and operating procedures. Franchising has been successful as it usually provides a tried and…
I was recently involved in a small business transaction where a landlord’s managing agent sought to impose a 4.4% “Transfer fee” on a tenant in connection with the assignment of a retail lease. The “Transfer fee” was calculated as a percentage of the annual rent inclusive of GST, and amounted to approximately $7,000. In this particular…
The failure of a vendor or a vendor’s agent to comply with the disclosure requirements under the Estate Agents Act 1980 (Act) when selling a small business in Victoria can result in penalties, lost sales and potential claims by disgruntled vendors. Section 52 of the Act imposes an obligation on a vendor and their agent…
