: Never rely solely on provided spreadsheets. Cross-reference gross sales with bank deposit statements and verify major expenses with supplier letters. 3. Structural & Strategic Considerations
: The Purchase Agreement and Bill of Sale. 2. The "Buy Your Own Business" Stress Test buy your own business
: Ask for accounts payable/receivable, inventory lists, and a breakdown of existing debt or liens. Legal Core Documents : : Never rely solely on provided spreadsheets
: Systems must not "live in the owner’s head." The business should run effectively without the current owner. Legal Core Documents : : Systems must not
: Investigate options like SBA 504 loans if you are buying the business real estate, or "owner-financing" where the seller acts as the lender.
: Most small business deals are asset sales, where you buy specific equipment and goodwill, often using purchase acquisition accounting to record assets at fair market value.
: Non-Disclosure Agreement (NDA) and a Due Diligence Checklist.