Acquiring a Business in Utah

by Norris Law Group on August 27, 2014

Acquiring a Business in UtahMaybe you’ve been become friends with the owner of your local auto repair shop, and you find yourself hanging around there on weekends, “tinkering” and helping your friend work on cars. Maybe you are a licensed cosmetologist who left the business to raise a family, but find yourself lingering at your local salon, talking to your friend who owns it and thinking about “getting back in the game.”

Then, one day, your friend tells you that he or she wants to sell the business. Should you buy it? Could you? The Utah State Tax Commission offers some advice for those interested in acquiring a Utah business on page 1-4 of their online guide titled Doing Business in Utah.

Acquiring a business is one way that Utah businesspeople and entrepreneurs may be able to take over a business without having to start one from scratch. Acquiring a business can offer a lot of advantages, including (but not limited to) a “built-in” clientele, a long-standing reputation, and necessary equipment already in place.

Of course, friends are not the only source from which a business can be acquired. Personal friends can be a good place to start, though, in addition to advertisements, trade publications or associations, banks, venture capital firms and even real estate agents. Attorneys can be a good resource, too. If you are considering starting or acquiring an existing business in Utah, a conversation with an skilled Utah business attorney can help set you on the right path.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

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