How do I get the financials of an existing business that I’m trying to purchase because going through a broker isn’t working?

And the seller for some reason want to meet you and want to know your personal assets and how much cash is available instead of sticking to the topic. Them wanting to sell. Restaurant, food industry. I’m getting a loan and because of no upfront cash it’s hindering me to get to the next part, seeing their financials.

Asked on July 24, 2014 under Business Law, New York

Answers:

Shawn Jackson / The Jackson Law Firm, P.C.

Answered 6 years ago | Contributor

First, have a "heart to heart" conversation with your broker on the importance and necessity of your due diligence in reviewing the minimum financial documents which include, at least, the last three years of profit & loss statement, the last three years of bank statements and cash flow statements along with the last three years of tax returns.

Shawn Jackson California Business Attorney


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.