Forms and Resources
Personal Financial Statement
The seller and/or a bank will need to see if you are financially and professionally qualified to buy the business. Thus, most sellers require their business brokers to screen potential buyers. A personal financial statement, resume and later on, a credit check are also required in addition to the NDA before confidential information can be shared. A letter on letterhead from a buyer’s CPA, attorney or financial institution stating the individual or corporation has the financial wherewithal to purchase the company at the advertised terms will normally be accepted in lieu of a financial statement.
Confidential Buyer Profile
Remember, buying a business is a two-way street. The seller wants to be assured that the business he/she has worked hard to build will be sold to someone qualified to own, operate and grow the business. This becomes even more important when seller financing is involved in the transaction. The information contained in the confidential buyer profile is shared with the seller so that he/she can become more familiar with the prospective buyer and their experience, motivations, and qualifications. The seller wants to feel good about whom they are passing a piece of their life on to.