Review of Business Sale Documentation Requirements with Bill Kelly
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Episode 27 Review of Business Sale Documentation Requirements Ninety percent of the documents required for lenders and closing are supplied by the Seller.
Past Three to Four Years of Business Financials This will include profit and loss statements, income statements, end of year balance sheets. Past Two to Three Years of Monthly Bank Statements All lenders will require this from the Seller to ensure the income and expenses of the business are accurate, and the business can pay the loan and still produce an income for the Buyer plus a profit
Copy of Lease The Buyer, his attorney, and possibly the lender will want to inspect the existing lease and new lease if its being changed.
Three to Four Years of Business Tax Returns All Buyers and lenders will want to examine the business tax returns.
Business Contracts A copy of all business contracts with vendors, suppliers, advertisers, partners, customers, and lenders that will convey with the business.
Licenses, Permits, Certifications and Memberships The Buyer, closing attorney and lender will want to inspect any of these items that are necessary to continue operation of the business.
Tags: Closing on Your Business, Business Closing, Selling a Business, Business Brokers, Buying a Business, Business Documentation, Transworld Business Advisors