Buy-Side FAQs

For growth-minded business owners, acquiring another company can be part of an overall strategy to accelerate expansion and increase overall value. Purchasing a business can be a competitor, a complementary business, or a distressed opportunity, amongst other opportunities. An acquisition can open new doors if approached with the right planning and due diligence, but it always comes with risk. Beyond the financial investment, it requires a deep understanding of the target company’s operations, liabilities, and long-term potential. Owners must also assess how the acquisition aligns with their strategic goals and how the deal will impact existing operations.

Below are frequently asked questions to consider when planning to purchase or acquire a business:

What is the process of buying a business?

Every business acquisition is unique and has different intricacies and nuances. A standard process exists but with variations based on the specific business you aim to purchase. Business advisors, including attorneys, that have specific experience in the buying and selling of businesses are crucial to identifying the best steps forward to assure an ideal experience.

What kind of lawyer do I need for this transaction?

When purchasing a business there are likely many facets to consider that could require a team of lawyers with different specialties. To start the process an M&A attorney would be your key contact and should it be necessary would include other lawyers to facilitate specific needs. They also will work closely with other advisors including accountants, bankers and brokers.

What documents are involved in the purchase?

When purchasing or acquiring a business the main document is the Letter of Intent (LOI) or Term Sheet. The LOI occurs early in the process and an M&A attorney can help lay the groundwork for the impending purchase. Their involvement prior to the LOI can be instrumental in the success of the acquisition. Other documents include but are not limited to: Non-disclosure Agreement (NDA) Asset Purchase Agreement (APA) vs. Stock Purchase Agreement (SPA), Bill of Sale, IP Assignments, and Employment Agreements.

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    The 2026 Economic, Tax, and Accounting Updates
    We are looking forward to the Mid-Atlantic CFO Roundtable's next event on November 13, 2026. This is a program with topics built for Finance Executives. We are extremely fortunate to have three excellent speakers: Dr. Daraius Irani, Vice President of Business and Public Engagement at Towson University; Mike Stankus, Tax Office Managing Principal at BDO; and Daniel Wahlberg, Managing Partner of Acclare Solutions. The economy is rapidly changing with various factors driving it. The November 3rd midterm elections may also have an impact. Our three expert presenters will discuss the ramifications of the election, and the current year updates to GAAP financial reporting and Federal and State income taxes. Please join us for what will surely be an informative and timely discussion. Meet Our Speakers: Daraius Irani, Ph.D. • Towson University Vice President, Business & Public Engagement Dr. Daraius Irani serves as Vice President of Business and Public Engagement at Towson University as well as the chief economist for the Regional Economic Studies Institute (RESI) at Towson University, a policy group providing economic, fiscal impact, and policy analysis to public and private entities.  Dr. Irani is often called upon to provide economic presentations to organizations across Maryland. He has appeared on numerous television programs and in local and regional print media. Dr. Irani holds a Ph.D. in economics from University of California, Santa Barbara. Dan Wahlberg • Acclare Solutions Managing Partner With over 28 years of experience, Dan Wahlberg is a recognized leader in audit and assurance for the Mid-Atlantic’s middle market business community. As a licensed CPA in Maryland and Virginia, Dan has led assurance practices at top regional firms, including serving as Baltimore Audit Managing Partner and Assurance Practice Leader at BDO USA in Baltimore and as Partner and member of the Management Committee at Hertzbach & Company P.A which merged into BDO in 2020. His expertise centers on delivering clarity, strategic guidance, and proactive solutions to middle-market businesses across Baltimore and beyond. His entrepreneurial spirit has led him to begin a new CPA firm this year with four other CPAs serving the business community. Dan holds a Bachelor of Science in Accounting from Rutgers University and began his career at PWC in New York. He is also deeply engaged in the community, previously serving as President of ACG Maryland and current Board member and as Audit Committee Member for The Associated: Jewish Federation of Baltimore.  Mike Stankus • BDO USA LLP Tax Office Managing Principal Mike Stankus is the Tax Office Managing Principal for the firm’s Baltimore office. He has more than 16 years of experience providing tax planning and preparation and management advisory services for his clients. Mike focuses on advising privately held businesses and their owners on effective growth and tax strategies. He also performs various engagements for mergers and acquisitions and complex cost accounting projects and projections. In addition, he represents various government contracting clients before the DCAA and assists with FAR compliance. Mike’s areas of concentration include working with government contractors, professional service firms, construction companies, and homebuilders.