Provide Historical Financials
Provide historical financial statements for existing businesses. This step is applicable only for those aspiring to buy or grow an existing business.
If You’re Buying a Business
When purchasing an existing business, historical financial statements are critical. You will want them first for yourself, to clarify what you are buying and validate the seller’s claims of vast profits and no problems forever. If you are planning to borrow money to complete the purchase, your lender will not even begin the dialogue without financial statements for the past three years of operation.