Howdy Ags. I'm in the early stages of looking into purchasing a small business located in the San Antonio area. I'm looking to see if anyone has recommendations for the various key players in getting a successful deal done (broker / M&A adviser, lawyer and CPA) who I could connect with for advice and potentially a working relationship. Also, if you have any free advice based on personal experiences buying or selling a small business (even if it's "don't do it"), I'd love to hear your experiences.

you looking to buy a franchise?

I realize you may have signed an NDA, but if you could give us some hints on what it is, we may can give better advice.

Things to consider:
Have you seen the financials of the business?
Is the cash flow of the business enough to sustain your lifestyle AND pay debt?
Is the cash flow of the business dependent upon the current owner's relationships?
Are you currently working for the business? Do you have experience in this area of industry?
Will the owner be involved in the transition, or is he/she handing you the keys and disappearing?
Are you prepared to put the work in necessary to make this work? (ie work restaurant hours)
Are there employees? Will they stay?
Are you leaving a job with benefits, and do you know the cost of benefits for the self-employed?
What is the business structure? (SCorp, Corp, LLC, Sole Proprietor)
Is the type of sale appropriate for the business structure? (buy assets v buy stock)
Does the type of sale help or hurt you as the purchaser? (think Types of depreciation)

Thanks for the replies. Sorry that I can't be more descriptive for now, I know that's not helpful especially when asking for advice. I just don't want to say much about the business since I proactively reached out to the owners and I have no idea if they post here or someone who knows them might read these forums. It is not a franchise. It's very preliminary, just a few email exchanges and a couple phone calls trying to line up a time to meet to discuss a potential sale. So I'm not wanting to invest a ton of time yet, but want to meet potential advisers ahead of time if the time comes to jump on the opportunity.

I will say this is not a complex business, one that doesn't require the employment of folks with specialized licenses.

Gigemhilo - Those are all good questions. At this point, I just don't have the details to answer most of them. Are you experienced in owning or buying/selling a business? Would love to talk offline so I can be more descriptive.

Same goes to anyone else who may want to know more in an offline discussion (email or phone).

Are you in San Antonio?

I would start with the trade organization this business operates in. If there is one contact them about events/membership and inquire if there are any regular sponsors that fit your advisory needs. Ask the trade organization's board (or local board) members who they use or are aware of.

email is in my profile

Yes, I live in SA. God bless my soul...I know.

Thumbs-

Good suggestions above; they'll provide food for thought in your discovery work.

I'm interested in hearing how the purchase relationship develops. Keep in touch.

I'm a middle market M&A lawyer across various industries. My firm has offices in San Antonio, Houston, and Dallas. I've done a number of buy side deals in San Antonio this year.

PM if you'd like to chat. Happy to help in whatever capacity.

Happy to answer some specific/confidential questions off-line. Worked on the buy side of acquisitions of mostly family owned service contractors for a number of years. Email in my profile.

What did you end up doing? I'm also considering to start a small business and it would be great to learn from the experience of others. Thanks in advance.

It's great that you're exploring the idea of purchasing a small business in the San Antonio area. When it comes to key players like a broker/M&A adviser, lawyer, and CPA, it's essential to connect with professionals who can help you navigate this process effectively. In addition, for efficient communication and collaboration, you might want to consider solutions like Bandwidth Microsoft Teams Operator Connect to streamline your business operations. Personal experiences from fellow entrepreneurs can be invaluable, so I hope you receive some insightful advice to guide you in this exciting venture!