Originally Posted by grassmasterswilson
So I'm meeting with another business owner about buying his business. I'm wondering what info you would expect to see or take home at the first meeting.
Obviously I will want to run the numbers so I was thinking I would need the following.... detailed client list showing sqft, what apps done, and price per app(not looking for names or addresses for now, just enough info to run numbers against my overhead), last few years balance sheet?,
What else would you want to see or expect him to offer?
Balance sheet for sure, although your operating expense may differ. A detail profit and loss statement for the past three years is the best way to see accurate net earnings. I used quickbooks pro and can print that information off in a matter minutes. It will include each customer and should show all transactions they have done with the customer. P&L statements are good to show their actual work. Anyone can tell you they do this much work or that much... but i would want to see documentation.
I recently sold my business and provided all this to the interested buyers. I sold my active accounts and client list.