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Thinking of Buying a Business in Texas?

Posted by Chris Peterson | Oct 31, 2013 | 0 Comments

Thinking of Buying a Business in Texas?

IMG_1383If you've been shopping recently, you've probably noticed at least one retailer that is already stocked and decorated for the Christmas holidays. It seems as though Christmas decorations show up earlier each year. If you have any retail entrepreneur leanings, the holiday buzz may have you scoping out potential outlets or thinking about buying an existing business.

Do your homework

If you've ever run a business before, you know there is a good deal of homework to be done before you make any offers to purchase a business. If this will be your first foray as a business owner, now is the time to get acquainted with the requirements of buying an existing business. There is more to it than making an offer and writing a check.

Savvy entrepreneurs considering a buyout may start by thoroughly reviewing a business's audited financial statements, tax returns, customer base, existing employees, ongoing contracts, marketing efforts, policies and practices. Researching compliance needs for the particular type of business and whether the existing business has a clean compliance record is another preliminary issue to explore. You don't want to be blindsided by compliance problems at the outset.

Consider your options

If, after your research, you believe the business to be a wise investment, you may have several optional methods for acquiring the business, such as an asset purchase, stock purchase or merger. This is the time, if you haven't done so already, to select an experienced business law attorney to review proposed contracts and other documents, and to help guide you through the business acquisition process.

The attorneys at Peterson Law Group are experienced, Bryan-College Station, Texas business law attorneys. We provide assistance and answer questions for business law clients throughout Brazos County and the surrounding areas. Call 979-703-7014 to make an appointment, or visit us online.

About the Author

Chris Peterson

Chris Peterson is the owner of Peterson Law Group. He practices primarily in the areas of wills, trusts and estate planning; probate and trust administration; elder law; and business law. Chris is also the owner of Brazos 1031 Exchange Company.


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