Clay M. White Commercial Law Blog on Lawyers.com

There are a number of steps you need to take in buying a business in Texas. These include the following:

Put everything in order.  Once you find a business you want to purchase, you need to record information on price, income, and cash flow.  Since many businesses are financed by the seller, you should determine the amount that you are willing to invest.  Can you meet your debt service as well as your living expenses? 

Make several site visits.  Do you like what you see?  Act as a customer to see how you are treated.  Examine the business inside and out. 

Make an offer to purchase.  Once you have the answers to your basic questions and you feel comfortable with going forward, you can make an offer that is subject to verification of the information you relied upon to make your offer. 

Perform due diligence.  If you reach financial terms with the seller, you are ready to perform what is commonly called due diligence.  You will conduct a detailed examination of the business records so that you are fully informed with regard to what you are purchasing. You should examine all of the following records:

? Key contracts
? Financial statements
? Customer lists
? Employment agreements
? Minutes of the board of directors and shareholders
? Confidentiality agreements 
? Corporate charter and bylaws
? Litigation-related documents
? Patents, copyrights, and other intellectual property-related documents
? Licenses and permits of the business

A commercial law firm can help
Most importantly of all, it is advisable to have a commercial attorney in Texas review the legal documents for the purchase of your business and help you conduct your due diligence.  The commercial law firm in Texas that you hire to help you should have significant experience with the business buying process. 

In addition, you will be best served if your lawyer is accessible to you and has the time available to handle all your paperwork on a timely basis. Commercial law firms in Texas with business buying experience will ensure that all of the details are handled properly. Unlike business brokers, commercial law firms can give you legal advice. Texas commercial law firms will look out for your interests and help you strike the best deal possible.