Some people grow up with the dream of starting their own businesses. Perhaps it was an entrepreneurial spirit that came from their families, or maybe it was a desire to strike out on one’s own in a world full of conformity. Any way one wants it, the American Dream somehow involves a vision of being one’s own boss.
Sometimes, the right choice is to buy a business with an existing structure, network and market. This is especially a good choice for people who may have begun their own enterprise and are looking to diversify or switch directions. It is also a good move for investors and larger business interests.
The hopeful organizers of a community-centered bank spanning North Carolina and neighboring states elected to buy an existing bank in Tennessee to realize this vision. The switch came after an attempt to open a new bank in the Tar Heel State two years ago.
The group had conditional approval from the U.S. Federal Deposit Insurance Corporation (FDIC), the federal government’s bank insurer, to open with the appropriate level of funding. It was one of only 15 new prospective banks nationwide in 2018. Although they raised 80% of the minimum budget, they abandoned this plan and later rallied to buy a controlling interest in an existing bank. They now plan to expand it into North Carolina.
If it is time to consider buying or selling a business in North Carolina, legal representation is a very good idea for people and business entities alike. Your best plans may not come to fruition — but that doesn’t mean you can’t regroup and find an alternative path. An attorney can review the details of any deal to make sure it is the right decision for future success.