Dallas-Fort Worth | Permian Basin | Texas Panhandle
M&A Advisory for Texas Business Owners
From Dallas-Fort Worth to the Permian Basin and the Panhandle, we help Texas business owners work through sales, recapitalizations, and transitions with confidentiality and deep industry expertise.
Texas M&A Advisory with Regional Expertise
First Turn Capital works with business owners across Texas, from energy companies in the Permian Basin to manufacturing and distribution businesses in Dallas-Fort Worth and agricultural operations in the Panhandle. We understand the industries that drive this state.
Statewide Reach
Active in Dallas-Fort Worth, the Permian Basin, the Panhandle, and beyond
Confidential Process
Discretion is built into every step of our approach
Energy Expertise
Deep experience in oil & gas, oilfield services, and energy
Markets We Serve
Key Texas Markets
Texas is a diverse state with distinct regional economies. We focus on three of them and the buyers active in each.
Dallas-Fort Worth
Dallas, Fort Worth, Arlington
Manufacturing, distribution, and transportation companies. Our Dallas office near Mockingbird Station hosts client meetings by appointment.
Texas Panhandle
Lubbock, Plainview
Agriculture, energy, and regional service companies.
Industry Expertise
Energy Sector M&A Expertise
Texas drives America's energy economy. We understand the cycles, the consolidation trends, and the strategic buyers active in this space.
Oilfield Services
- Well services and completions companies
- Equipment rental and manufacturing
- Pipeline and midstream services
- Environmental and remediation services
Industrial & Manufacturing
- Fabrication and machine shops
- Industrial distribution companies
- Transportation and logistics
- Construction and specialty contractors
The Process
What M&A Advisory Means in Practice
M&A stands for mergers and acquisitions. An M&A advisory firm helps business owners prepare for, market, negotiate, and close a transaction, whether that's a full sale, a partial sale, or a recapitalization where you bring in outside capital but retain some ownership.
Throughout this process, the advisor's job is to run the transaction so you can continue running your business. Deals can take six to twelve months, and owners who try to manage the process themselves often find it pulls focus from operations at the worst possible time.
Learn about our sell-side advisoryPreparation
Organize financials, identify strengths and weaknesses, determine a realistic value range.
Outreach
Qualified buyers contacted confidentially: private equity firms, strategic acquirers, family offices.
Negotiation
Manage offers, handle due diligence requests, protect your interests through closing.
Regional Expertise
Why Texas Market Knowledge Matters
Texas has one of the largest and most diverse economies in the country. Understanding regional dynamics, industry trends, and active buyers makes a meaningful difference in outcomes.
Buyer Relationships
We maintain relationships with private equity firms, strategic buyers, and family offices actively acquiring in Texas.
Industry Cycles
Understanding energy cycles and industrial trends helps us time transactions and set realistic expectations.
Local Reputation
How a deal is handled affects future referrals and relationships. We protect that carefully.
Confidentiality in Competitive Markets
"I don't want my competitors, customers, or employees to know I'm considering this." We hear this from Texas owners constantly, and we take it seriously.
Non-Disclosure Agreements
Standard before any substantive information is shared with potential buyers.
Non-Descriptive Outreach
Buyers learn an opportunity exists, but not the company name until vetted and under NDA.
Staged Disclosure
More detail shared only as buyers demonstrate serious intent and financial capability.
Owner Coaching
Guidance on handling questions from employees, customers, or others who might notice activity.
In tight-knit industries like oilfield services, a single careless conversation can create real damage. The process needs to be designed with that reality in mind.
Our Focus
What Kind of Texas Businesses Do We Work With?
We focus on established Texas businesses across the lower-middle and middle market. Industries we frequently work with include:
Oilfield services and equipment
Energy infrastructure and midstream
Manufacturing and fabrication
Transportation and logistics
Construction and specialty trades
HVAC and mechanical contractors
We also work with industrial distribution and environmental services companies.
Texas Specifics
Selling a Business in Texas: What's Different
The sale process works much the same way in every state. A few Texas rules change the details, and they are easier to plan for before a buyer's diligence team raises them.
No state tax on an owner's gain
The Texas Constitution bars a tax on the net income of individuals and, since November 2025, on their capital gains. For an individual owner, the gain on a sale is mainly a federal tax question. The company still owes the Texas franchise tax, and the deal structure (stock or assets) affects both, so plan it with your CPA.
Franchise tax account status
Buyers confirm that the company has the right to transact business in Texas. The Comptroller publishes each entity's franchise tax account status (formerly called good standing), and a lapsed status is easier to fix before diligence starts than during it.
Sales tax in an asset sale
Equipment and other taxable items change hands in an asset sale. Texas exempts an occasional sale, which includes selling the entire operating assets of a business or of a separate division, so how the sale is drawn up matters.
Source: Texas Tax Code Sec. 151.304
Non-compete agreements
Buyers usually ask a selling owner to agree not to compete. Texas enforces a covenant not to compete when its limits on time, geographic area, and scope of activity are reasonable, so the terms are negotiable rather than boilerplate.
Community property
Texas is a community property state: property either spouse acquires during marriage is generally community property unless it came by gift or inheritance. Buyers often ask a seller's spouse to sign a consent so the sale is not open to challenge later.
Source: Texas Family Code Sec. 3.002
This is general information, not tax or legal advice. Your CPA and attorney confirm how each rule applies to your sale.
Choosing an Advisor
Business Broker or M&A Advisor?
Owners who search for a Texas business broker are often choosing between two different kinds of help. The right one depends on the business, not on which kind of firm is better.
A business broker
Lists a smaller, simpler business much the way an agent lists a house: publishing the listing, fielding inquiries, and helping close the sale. For a straightforward sale of a small business, a broker is often the right choice.
An M&A advisor
Runs a confidential, targeted process for an established company: preparing the financials, approaching selected private equity, strategic, and family office buyers, and negotiating structure and terms as well as price.
If a broker fits your situation better, we will say so.
FAQ
Common Questions from Texas Owners
How do I find out what my business is worth?
Most owners don't know at first, and that's normal. Valuation depends on factors like financial performance, industry trends, customer concentration, and what comparable businesses have sold for. A market value analysis can give you a realistic range before you commit to anything. Get a valuation
How do energy cycles affect when I should sell?
Commodity prices and industry cycles do impact valuations and buyer appetite. We help owners understand current market conditions, recent comparable transactions, and whether timing makes sense. Sometimes waiting is smart; sometimes moving now is better.
Should I take an offer from a competitor?
Unsolicited offers from competitors are common, especially in consolidating industries. The challenge is that you're negotiating without leverage and without knowing if the terms are competitive. A managed process brings multiple qualified buyers to the table.
What happens to my employees after a sale?
This is one of the most personal parts of any transaction. Buyers often want to retain key employees, and deal terms can include provisions around employment continuity. Your priorities around employees, customers, and legacy can be part of how buyers are evaluated.
Do you have an office in Texas?
Yes. Our Dallas office near Mockingbird Station hosts client meetings by appointment, and our headquarters is in Oklahoma City. We work with owners across Dallas-Fort Worth, the Permian Basin, and the Texas Panhandle.
About Us
About First Turn Capital
First Turn Capital is an M&A advisory firm focused on lower middle-market transactions. We specialize in industrial and blue-collar sectors: oilfield services, manufacturing, construction, HVAC, transportation, and similar industries.
Investment banking services are provided through First Turn Securities, LLC, a FINRA-registered broker-dealer. This registration means our advisory activities are subject to regulatory oversight, which provides a layer of accountability that non-registered advisors aren't required to meet.
Our headquarters is in Oklahoma City, with active coverage across Texas including Dallas-Fort Worth, the Permian Basin, and the Texas Panhandle.
Our Dallas Office
Texas owners can meet with us at our Dallas office near Mockingbird Station, a short walk from the DART rail stop. Meetings are by appointment, so call ahead and we will set a time.
6060 N Central Expy, Suite 500Dallas, TX 75206
(214) 227-7327Directions to the Dallas office
Ready to Start a Conversation?
The first step is usually a confidential conversation to understand your situation and goals. There's no obligation and no pressure.
Everything begins confidentially. That's the default, not something you have to ask for.