The transfer process from price agreement to settlement normally takes 10 to 12 weeks with settlement usually taking place on a Monday. The timeline is usually governed by a submission lodged 4 to 5 weeks prior to the start of training dates set by Tatts.

The stock-take is generally conducted after the close of business on the Sunday prior to settlement, and conducted by an independant stocktaker to determine the wholesale value ex-gst.

Newsagencies For Sale will notify the publishers and the Casket/The Lott/Tatts/Lotteries Corporation of the sale and each will forward their transfer documentation to the buyer. During this period the buyer will obtain finance (if applicable), conduct “due diligence”, attend the Newsagent and Lotteries training courses and undertake “on the job” training.

Advisors

It is important to have good legal and financial representation for the buying process. A due diligence process should be conducted prior to the contract of sale becoming unconditional to verify the legal and financial state of the business.

For this process, a specialist accountant and solicitor with an understanding of the newsagency industry is highly recommended.

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