How to sell or buy a business without QBCC experience

#QBCCLicenceWithoutExperience

In our last post we introduced the easiest way to acquire a QBCC Licence when buying a business, however, this scenario may not be an option if the licence is held by an individual or you are not convinced that the Company will be free of any encumbrances or liabilities at Settlement.

If you don’t have relevant building experience then another good option is to use your own Company and apply for your own QBCC Licence. This can take 6 to 8 weeks.

To qualify, the Company needs to satisfy some basic requirements however you want to know how to get a licence without relevant experience right?

The QBCC only requires that you appoint a person into the position of influence to work as a Director, Secretary or employee of the Company; and be appointed as your “Nominee Supervisor”.

This person just needs to hold the same class of licence as the Company and doesn’t need to stay the same person for the life of your Company. You can appoint a new nominee at any time which means you can buy yourself time to qualify for your own licence if you want to!

When selling or buying a business it can be quite appealing for both parties that the current nominee becomes the new nominee (at least for a while to assist with the transition), but not many sellers and buyers think to do this!

We hope that this post has been helpful. Please feel free to send us a comment or private message. Happy to answer any questions you have on this topic!

DISCLAIMER
This is an opinion and should not be taken as professional or legal advice. Each person should assess this scenario on a case by case scenario along with professional legal and financial advice. We can help structure and negotiate a Contract of Sale which works for you and you can always run it past your accountant and solicitor to satisfy yourself that everything’s in place.