[2005] Inheritance & style

This post is slightly unusual in the fact that I already have a solution to the problem, but the question is... is it the correct one? or the most appropriate one for the task at hand.
This is probably more a question of 'style' or the 'art' of programming, and I would appreciate it if people could make comments, suggestions, criticisms or offer alternatives solutions.
In the real world I have a program with a number of DataGridViews all of which are created at runtime. Some of the properties have same values etc., but there are quite a number of differences. So to eliminate as much duplicate code as possible I thought of putting ReadOnly properties in their own classes.
What follows is a very simple piece of code which shows what I am trying to accomplish.

Code:

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Public Class Form1

    Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click

        If radClass1.Checked Then
            Dim cls As New BaseClass
            TextBoxSetup(cls)
        Else
            Dim cls As New DerivedClass
            TextBoxSetup(cls)
        End If

    End Sub

    Private Sub TextBoxSetup(ByVal tbClass As BaseClass)

        TextBox1.BackColor = tbClass.bColor
        TextBox1.ForeColor = tbClass.fColor
        TextBox1.Text = tbClass.mText

    End Sub

End Class

Public Class BaseClass

    Private m_bcolor As Color = Color.Yellow
    Private m_fcolor As Color = Color.Red
    Private m_text As String = "Class1"
    Public Overridable ReadOnly Property bColor() As Color
        Get
            Return m_bcolor
        End Get
    End Property
    Public Overridable ReadOnly Property fColor() As Color
        Get
            Return m_fcolor
        End Get
    End Property
    Public Overridable ReadOnly Property mText() As String
        Get
            Return m_text
        End Get
    End Property

End Class

Public Class DerivedClass

    Inherits BaseClass

    Private m_bcolor As Color = Color.LimeGreen
    Private m_fcolor As Color = Color.Blue
    Private m_text As String = "Class2"
    Public Overrides ReadOnly Property bColor() As Color
        Get
            Return m_bcolor
        End Get
    End Property
    Public Overrides ReadOnly Property fColor() As Color
        Get
            Return m_fcolor
        End Get
    End Property
    Public Overrides ReadOnly Property mText() As String
        Get
            Return m_text
        End Get
    End Property

End Class

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Cheers