Shownotes
How Lenders Look at Financial Statements – What Underwriters Want to See
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Follow and Subscribe on YouTube: https://www.youtube.com/@BizBuyersAlly
Deb’s Website: https://www.debcurtis.com/
Richard’s Website: https://richardparker.com/
Transcripts
0:03
welcome to headbands and handkerchiefs
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0:32
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0:35
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0:40
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0:43
get down to the Brass
0:48
TXS well hello everybody Welcome to
0:51
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0:54
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like and invite all your friends to
1:01
follow what do you think about that
1:02
Richard I think it's great I'm I'm glad
1:05
to see your energy I'm guessing you had
1:06
a gummy or two this morning because it's
1:08
usually the no BS business buying banter
1:11
and we went right into the no
1:12
so that's perfect that's that's why I
1:16
love you perfect you know the only way
1:18
you can get through SBA lending is
1:20
having a gummy once in a while Richard
1:22
well I'm surpr I actually heard that the
1:24
only way to get into it is you got to
1:26
start smoking crack cuz they could make
1:28
it they can make it pretty rough oh what
1:32
is today's topic for our lovely loyal
1:35
listeners out there this is all you
1:37
because this is how lenders look at
1:38
financial statements and at what
1:40
Underwriters want to see now I have a a
1:44
well I guess a little better than a
1:45
Layman view because I've done a bunch of
1:47
these SBA deals of course however you're
1:50
you're in the trenches with this so I
1:52
think for um perspective business buyers
1:55
understanding the documentation and how
1:58
they look at statements because how
1:59
underwriter looks at statements my bet
2:02
is is entirely different than how a
2:03
buyer looks at financial statements and
2:06
so why don't you uh start to take us
2:08
through that that would be great or a
2:10
listing broker might I add oh yeah add a
2:13
add a third element of complexity no
2:15
problem you mean to tell me they don't
2:18
do stated SBA business acquisition loans
2:21
no stated incomes hate to disappoint you
2:27
can you imagine if they did oh we'd be
2:29
in eight again we yeah we we we'd be in
2:32
08 or in the 17th century oh good lord
2:36
but anyways yes good topic what do the
2:39
banks want to see and um in my opinion
2:44
they need to see it right away meaning
2:48
meaning a good SBA lender or business
2:53
acquisition Loan Consultant is looking
2:56
at the actual IRS business tax returns
3:00
of the proposed business listing as soon
3:02
as possible and not just relying on the
3:06
broker recast summary at the back of the
3:09
listing um I stress that uh and how do
3:12
you get around that Richard what what
3:14
would you say is the best way that
3:17
you've seen over the years to get around
3:19
that because that's that's the ask
3:21
because otherwise we're having all these
3:23
conversations and we could be wasting
3:25
time because the business doesn't have
3:27
the cash well there's a there's a couple
3:30
of things one is obviously is timing
3:33
because often a business buyer is in the
3:36
throws of a discussion it may be in
3:39
October November of a year and the
3:42
business is used to filing its tax
3:43
returns of September the following year
3:46
so getting those current is always a
3:48
problem then you have the challenge of
3:51
never mind just the documents related to
3:53
the underwriting it's in the the buyer's
3:55
normal process of being able to evaluate
3:59
the business to be able to have current
4:01
statements and so what I tell my clients
4:04
and I would hope that some Brokers
4:05
comply but it's certainly you know I I
4:07
tell my clients make this in incumbent
4:10
upon yourself which is you have you as
4:13
the buyer have to lay out stroke demand
4:17
exactly what you need in financial
4:19
statements regardless of the road
4:21
they're going down with financing and
4:23
especially if they're going down the the
4:25
road of potential SBA uh lending because
4:29
first of there specific documentation
4:31
and you have to do it
4:32
early and there's there's constantly
4:35
delays and especially at the lower
4:36
Market they don't have their books and
4:38
Records ready the accountant always
4:40
theurer gets an extension so regardless
4:43
of the road buyers need to be adamant
4:46
about what they need and if they're
4:47
going down the road of an SBA loan I
4:49
mean laying out exactly what they need
4:51
is going to be very helpful for them but
4:52
they've got to do it immediately as soon
4:54
as the business is of interest to them
4:56
if possible I agree and and I would like
4:59
to ad and the business brokers would
5:02
appreciate this ad if you are a business
5:05
buyer you can make those demands in a
5:09
politically correct way if you've been
5:12
vetted by an SBA lender or consultant
5:15
like myself ensuring you pass the
5:18
mustard for a personal guarantee with
5:21
the SBA there's a lot of questions that
5:23
need to be asked right and then
5:26
furthermore reviewing the business
5:29
buyers personal financial statement
5:31
tells us a lot about the character the
5:32
down payment do they pay their bills on
5:34
time do they have Equity are they maxing
5:37
out their credit cards there's so much
5:38
to look at before you make demands to a
5:41
business broker that you want to see
5:44
everything you better be fully vetted
5:46
and have a proof of funds letter in hand
5:49
that I will provide once you pass the
5:52
test as an eligible business buyer then
5:56
then make the demands right you got the
5:59
money
6:00
you got a proof of funds letter saying I
6:02
got 90% of the capital to buy your
6:04
business Richard and you want show me
6:07
show me the financials yeah and and you
6:09
know you raised one really good point in
6:11
all of it related to you know if they if
6:13
if you are a pre-approved buyer now the
6:16
business of course has to qualify but if
6:17
you're a pre-approved buyer a proof of
6:19
funds letter given the competition that
6:22
that you have in the market amongst
6:24
buyers I mean it elevates you puts you
6:26
right at the front of the class right at
6:27
the top of the list because you
6:29
have one of the two things that every
6:32
seller or broker is going to look for
6:33
which is the proof of funds the other
6:35
one being that you're serious and get
6:37
and can get to the finish line but
6:38
having the available capital is massive
6:41
so now let me ask you a a question which
6:44
is related to personal financial
6:45
statements because buyers always ask me
6:47
we provide a template in our course for
6:49
a personal financial statement buyers
6:51
always ask me uh one particular question
6:54
I always give them the same answer tell
6:56
me if I'm right or wrong they always ask
6:58
me what should go into the personal fin
6:59
financial statement I tell them
7:00
everything and then it could be decided
7:03
whether or not something should be um
7:05
should be removed or is not necessary
7:07
but throw everything on there and then
7:10
because it's up to someone like yourself
7:12
in conjunction with a lender could
7:14
decide what makes the most sense as far
7:16
as what you submit but they emitting
7:18
something is problematic and that may be
7:20
whether be you know I find that people
7:22
off could leave out something like a a
7:24
pending lawsuit like how does that weigh
7:26
into something if they they have the
7:28
potential for a judge
7:29
or something so there's what you have
7:32
what what is known and also what may be
7:33
contingent like no secrets in other
7:35
words put everything out there there
7:37
should not be any secrets because the
7:38
reality is they're going to find out so
7:40
there's no you shouldn't be bullshitting
7:42
this and so what are your thoughts as
7:44
far as laying it out anything that you
7:45
see over and over again or that you know
7:48
people don't do or don't do
7:51
well everything you just said my friend
7:53
is exactly why you've been doing this
7:56
for 30 years and why you're so damn good
7:58
at what you do you you have to put
8:00
everything on that personal financial
8:01
statement if you're working with a
8:04
credible SBA lender that is going to
8:06
review that statement before packaging
8:09
up the loan and submitting to
8:12
underwriter okay right there's a lot we
8:14
got to look at on that statement that
8:17
can be
8:18
corrected before we even go sourcing for
8:21
the best bank loan Capital right right I
8:24
can
8:25
find other assets and have a discussion
8:29
with Buyers recommending them maybe to
8:32
sell some of that and put cash in the
8:34
bank to up their post closing liquidity
8:37
listen business brokers need to do
8:40
themselves a favor and stop
8:43
pre-qualifying buyers just by making
8:46
demands that you want to see their
8:47
personal bank statements as to how much
8:49
cash they have there is
8:52
so let me rephrase that there are so
8:56
many different ways to look at that
8:58
statement and and massage it to the best
9:01
ability to shine up that buyer to be the
9:04
most eligible buyer in line with the
9:06
rest to punch through to a final loan
9:08
approval skeletons I want to see them I
9:11
want to talk about them there are the
9:13
everything will be checked on the buyer
9:16
side just as much as the seller side
9:18
which we'll get to but everything will
9:20
be checked and a lot of times the banks
9:23
they won't do these final checks till we
9:26
get closer to funding because they don't
9:27
want to spend the money of course not
9:30
right right they want they want to make
9:32
sure the valuation comes in first and
9:34
everything is fine then they start doing
9:36
all these background checks and let me
9:38
tell you if you got skeletons in the
9:40
closet they're gonna come out they're
9:43
gonna come out yeah you can't you know
9:44
it's there's no more secrets it's it I
9:47
guess the wild for you can't get away
9:49
with anything but of course there's no
9:51
secrets the internet is the ultimate
9:53
background check and they're going to
9:54
find out make no mistake and then the
9:56
problem is at that point you if you hide
10:00
things they're going to surface then you
10:02
piss everybody off you piss off the
10:04
seller you piss off the broker you piss
10:06
off a loan broker someone like yourself
10:08
say you know what I hey you you
10:11
demonstrate um a lack of trustworthiness
10:14
and so you really do yourself a terrible
10:16
disservice because there's no there's no
10:19
getting away from it it's going to be
10:22
uncovered that's right now how do you
10:25
deal with situations so over the number
10:28
of years
10:29
buyer relevant experience has become
10:32
more important in these deals like n
10:35
many years ago if you went down the road
10:37
of an SBA loan it didn't really weigh in
10:40
as much as the buyer's relevant
10:42
experience to the industry and they've
10:44
gotten much more specific and certainly
10:46
in some um Industries I know like for
10:48
example on the real low end like buying
10:50
restaurant like you absolutely need to
10:51
have Hospitality or restaurant or Food
10:53
Service
10:54
experience so when you have a buyer who
10:57
is um competent let's say good General
11:01
business skills a reasonable background
11:03
probably hasn't owned a business but
11:05
they've got some good General business
11:07
skills and and there seems like there
11:08
could be an application to the business
11:10
that they're requiring and we've talked
11:12
about buying the right business whole
11:13
other separate subject but what how
11:16
important is the relevant experience and
11:18
how do you in in in the work that you do
11:21
never mind the underwriter a buyer comes
11:23
to you the the financial statement holds
11:25
up you look at the business how do you
11:28
um dissect their bio if you will and
11:32
then reassemble it to make sure with
11:36
everything being above board that it
11:38
complies or it's going to meet the
11:39
criteria of what an underwriter is going
11:41
to look for as far as relevant
11:42
experience is
11:44
concerned yes and every state has
11:49
specific rules with ownership when it
11:52
comes to industries that require the
11:54
owners to have a license in that
11:57
industry you know I think of uh
11:59
electrical commercial electric um
12:02
engineering some businesses uh I funded
12:05
a deal three years ago where um the
12:09
seller was the licensed engineer and the
12:13
state required an owner has to have that
12:16
engineer background it all has to be per
12:20
the state guidelines well my buyer
12:23
Richard he didn't he didn't he wasn't a
12:26
like he didn't have it but he had all
12:29
the other Goods he had uh management
12:32
experience a resume of accolades of
12:35
taking teams and and moving them to the
12:37
next level he had cash he had good
12:39
credit he knew how to Market he
12:41
understood financials because part of
12:44
his resum of his professional experience
12:47
was budgets I mean he was an
12:50
underwriter's dream that really knows
12:53
numbers we always talk about you have to
12:55
know numbers so what did we do well we
13:00
collaborated and uh the business that
13:03
was selling the owner was taking like a
13:06
$300,000 salary it was just a Cash Cow
13:09
of a business the buyer the proposed
13:11
buyer without the license all he needed
13:14
was like a 150,000 salary to replace his
13:17
current salary when he quits his job so
13:20
I said why don't you search a network
13:24
for hiring an engineer and then propose
13:28
for them to be like 2% owner right and
13:32
that will pass the state's guidelines
13:34
the underwriter will be comfortable uh
13:36
some banks may want that engineer at 2%
13:39
they may want them to personally
13:41
guarantee if they're the engineer some
13:43
don't so they personally guarantee in
13:46
that case sorry to interrupt you but a
13:47
question in that case because personal
13:48
guarantees are always uh a concern if
13:52
they own 2% of a business what are they
13:53
guaranteeing are they guaranteeing the
13:55
loan commensurate with their Holdings or
13:56
the whole
13:57
thing it's Bank by Bank Choice it can be
14:02
but it could be as low as what what
14:03
their Holdings are yes okay got it
14:06
exactly exactly but we got the deal done
14:09
great and the business is doing well I I
14:12
checked in on him and he's soaring Like
14:14
an Eagle um they we uh structured an
14:17
employment contract uh the buyer and his
14:20
attorney and had the uh seasoned
14:23
engineer signed the contract the day
14:25
before closing so everything was all in
14:27
order I mean so I hope that answers your
14:30
question I I I want your listeners to
14:33
understand you don't necessarily need to
14:35
have the license to match the industry
14:38
Auto Repair right auto repair industry
14:41
you don't have to have the experience
14:42
under the hood to change the oil and fix
14:44
the car I could do it yeah I can I used
14:48
to do it as a kid there you go but if
14:50
you know your numbers right and you know
14:52
how to and you know how to take care of
14:54
people and you have sales and marketing
14:57
background you're going to be a fit to
14:59
acquire that that business Auto Repair
15:02
business okay so thank you for bringing
15:04
that up yeah I I um when I was a kid I
15:07
used to I used to work in a gas station
15:08
I also put we that was the days when you
15:10
actually put fuel gas into people's cars
15:13
there was no such thing as selfs serve
15:14
so believe it or isn't that crazy and I
15:17
and I used to get a tip like if I was
15:19
had some you know if it was decent
15:20
people used to tip me a dime sometimes a
15:22
quarter was like they oh they must have
15:24
money um listen I remember that as a
15:26
little girl they would wi wipe your
15:29
that was me check the tires I had one
15:31
guy used to when I used to do his oil
15:32
change and the oil change I think was
15:33
about I think the oil change was six
15:35
bucks and um he used to tip me $2 I was
15:40
like unbelievable I used to just wait
15:41
for him to come in it was only twice a
15:43
year but $2 $2 was pretty big at that
15:45
point hate the age myself so now if we
15:47
go back to this with the relevant
15:50
experience leaving aside licensing
15:51
issues in a generic business no license
15:54
outside of basic occupational licenses
15:56
there's no trade licenses required to
15:58
operate the business Distribution
16:00
Company manufacturing retailer whatever
16:02
the case may be no required state or
16:05
trade licenses required the relevant
16:08
experience piece is it a case of that
16:11
like by and large if someone has some
16:13
general business experience whether on
16:16
their own or for someone are they
16:17
typically I know the answer will
16:19
probably be depends on each underwriter
16:21
but are they typically going to be okay
16:24
as far as qualifying to be able to
16:25
demonstrate that they can operate the
16:27
business
16:29
yes okay and we want we want to see
16:31
management experience all day long um
16:34
got to have that on the resume that's
16:35
really important you got to have a love
16:37
of people and how to manage people you
16:40
know um so yes uh let's Circle back to
16:44
now the seller side their financials
16:46
what do the banks look at right um I
16:50
want to share a story with you you
16:52
you'll uh get a kick out of this um I
16:56
two times in my career
16:59
business listings the sellers give us
17:02
copies of their tax returns the last
17:04
three years and we review them and we
17:06
use them um with the underwriter to
17:08
ensure there's enough um cash flow at
17:11
the bottom line plus the ADB backs
17:14
right well two times in my career the
17:19
sellers somehow must have thought we
17:22
don't check those tax returns with the
17:25
IRS the IRS so for all those all those
17:29
business sellers out there who think
17:30
they could give a second set of tax
17:33
returns so they gave you a tax
17:35
return thank you yeah that's the
17:37
technical ter again say that again I
17:39
need to hear it again they give you a
17:40
tax return
17:43
wow it happens of course of course so
17:47
yeah and you talk about again Banks
17:51
typically won't verify electronically
17:54
those tax returns with the IRS till we
17:56
get closer to closing again because
17:57
there's additional cost um which the the
18:01
proposed buyer will have to pay um but
18:04
man when that crap comes back it is so
18:09
frustrating of course of course you
18:11
invest all this time who's responsible I
18:14
mean obviously the seller is but don't
18:16
you think we need to do a better job
18:18
before we list the businesses to make
18:21
sure somehow that they match I well
18:23
here's the thing it's a very simple
18:25
thing to get over regardless whether
18:27
it's the seller whether there's broker
18:28
involved or what have you there's a form
18:30
called a
18:31
4506 it's an IRS form that you could
18:34
submit that I can as long as the seller
18:37
signs it any individual can request a
18:40
transcript to the first page of the tax
18:42
return for any business for any number
18:44
of years it's part of due diligence
18:45
I tell buyers you request the:18:48
form which reconfirms you get a
18:50
confirmation from the IRS a copy of the
18:52
transcript first page and it matches up
18:54
to the tax return or doesn't that you've
18:57
received from the seller from the seller
18:59
now here's a here's a a cool Twist on it
19:01
again I always tell the buyers and it's
19:03
in our course you request is 456 now
19:07
should a broker be asking for it of
19:09
course they should be asking for it once
19:11
they get the engagement I I would I I
19:13
think it would be impossible and would
19:15
be Reckless almost for a broker before
19:17
they get the engagement because they'll
19:18
piss off the seller but you want to get
19:20
the engagement then request look we're
19:21
going to need this 456 as part of the
19:24
equation it's not like I'm not trusting
19:26
you even though they want to validate it
19:28
for themselves but we're going to need
19:29
this so I need you to sign it and then
19:31
you submit it so if I want a 4 456 I
19:34
want to you send me your tax return
19:35
you're selling me your business you give
19:37
me the tax return I get you to sign the
19:39
4506 and pledges it to me I submit it to
19:43
the IRS I get the transm I get the uh
19:45
the uh transcript of the tax return back
19:48
now I've done it as a buyer I've bought
19:51
13 companies one co-invest for the ones
19:53
that I've done in America I've always
19:55
requested the 456 form and here's the
19:57
thing when it's when I tell tell a
19:58
seller I need the:20:00
around and they sign it really quickly
20:02
in most cases I haven't even submitted
20:04
it right right because if they there
20:07
there's any push if if they're happy to
20:09
sign it then you know it's legit right
20:11
there's there's been no push back that
20:13
that aside you got to be cautious yeah
20:16
I've never no I've never i' I've never
20:18
had push back signing the:20:20
never worried about it but the case that
20:21
you cited happens and it happens
20:24
frequently yeah I'm glad you brought up
20:27
the 45
20:28
because I want business buyers to
20:30
understand as well we're doing IRS
20:34
checks on your personal tax return as
20:36
the buyer of to make sure they're filed
20:40
your income reported matches uh another
20:42
and you don't know alimony and child
20:44
support thank you here's another story
20:47
uh I had um two partners um purchasing a
20:51
gymnastics center a couple of years ago
20:54
and one the partner she was older had a
20:57
lot lot of the um running a gymnastics
21:00
center experience so we needed her for
21:03
the deal uh and she had the cash to put
21:06
down the other partner did not have cash
21:10
uh was an employee at a gymnastics
21:12
center uh but he needed her because she
21:14
had the cash so we're getting ready to
21:17
close good partnership yeah perfect yeah
21:19
perfect we're getting ready to close and
21:22
of course the bank is going to verify
21:24
their tax returns um hers came back not
21:28
found there were two years she didn't
21:30
file she went through um a a sad
21:34
scenario her husband unexpectedly passed
21:36
away like two three years prior and it
21:39
kind of made sense because it just
21:40
seemed like a lot of collecting her
21:42
information took a lot for me a lot of
21:44
energy for me to get her to think
21:46
straight she just seemed she just seemed
21:48
like she was still in her grieving
21:50
process um but when we found out the
21:53
taxes weren't filed she had no clue and
21:56
it was discovered and P in her kitchen
21:59
she went through piles of paperwork and
22:01
found letters from the IRS after her
22:03
husband died asking for more information
22:06
to properly file her personal tax
22:09
returns so curveballs that was curve but
22:12
you can get caught up right but you can
22:14
get caught up at least she didn't evade
22:15
tax she just didn't file one's worse
22:17
than one's a lot worse than the other
22:19
andk yeah I mean so the lessons with all
22:21
of this
22:23
is get going early in the in the
22:27
documentation
22:28
request it if not demand it align
22:32
themselves with someone like yourself to
22:33
make sure it gets submitted personal
22:35
financial statements no BS include
22:37
everything and let someone such as
22:39
yourself determine whether or not
22:40
anything should be um uh augmented maybe
22:44
may want to look at selling some assets
22:46
whatever the case may be but get this
22:47
done early get a:22:51
the importance of Rel relevant business
22:54
experience and by all means get the
22:56
information aggregated to someone like
22:58
yourself who can assess the whole
23:00
situation because there's no use going
23:02
down the road with the hope and
23:04
expectation that you're going to be able
23:06
to finance this through the SBA if the
23:08
documentation doesn't back up that's
23:12
right what the what the purchase price
23:14
is going to be of the terms that's right
23:16
Richard thank you and I would add to
23:18
that a good step for buyers and sellers
23:22
to take away from this show today you
23:25
can go to irs.gov and transcripts of
23:28
your own business filed tax returns
23:31
personal and business pull them because
23:35
there were times during the pandemic
23:38
even in 21 pushing into 22 we all heard
23:41
the IRS was backed up right terribly it
23:44
was taking forever for them to file tax
23:48
returns because of the shortage of the
23:49
people you know closures office closures
23:52
and such mistakes happen there are
23:55
people that still US Postal snail mail
23:58
tax returns to the IRS of they get lost
24:02
if you're not following up as a buyer or
24:05
as a seller with the IRS gez is it on
24:08
record and does it match with what I
24:11
have on record you need to do that
24:14
because these
24:15
are the things that will bite you in the
24:18
dupa if you don't have it cleared up
24:21
ahead of time okay okay so to avoid back
24:24
to the dupas back to the dupas now it's
24:26
d o o paa yeah something like that got
24:29
it okay well that's a perfect uh perfect
24:31
summary and abs and you know and and
24:33
people need to just do this in a well
24:34
organized wellth thought out way and
24:36
that's why obviously someone like
24:38
yourself is so terrific to bring into
24:39
the equation because at least you could
24:40
manage not only the expectations for
24:43
people but you could manage the process
24:44
and the paper flow and um that's
24:46
wonderful I know uh everything that
24:48
we've been able to dispense today is
24:49
going to be very helpful for aspiring
24:51
business buyer so that's great thanks
24:53
Deb you got it you know and before we
24:55
wrap up our show Richard um tell us
24:58
about um the uh sellers guide that we
25:01
offer on these shows for people to uh
25:03
scan this QR code um 10 things sellers
25:06
don't tell you let's hear the hear the
25:08
scoop on that here's the Scoop so the
25:09
scoop is pretty straightforward you know
25:11
I've been doing this for 34 years you
25:13
and I collaborated on putting a uh a
25:15
report together to really help people
25:18
specifically business buyers as you're
25:20
going through the process understand
25:21
that most sellers are going to be
25:24
straightforward helpful and disclose
25:26
information not all of them are you
25:28
cited a couple of examples but there's
25:30
certain things for example that none of
25:32
them are going to disclose um and it may
25:34
not it's material to you as the buyer
25:37
the business sometimes it's material to
25:38
the transaction itself but related to
25:40
seller fir uh seller terms related to
25:44
relationships with certain suppliers or
25:46
customers there's just a lot of
25:48
information that as a buyer you need to
25:51
uncover it it's not incumbent upon the
25:54
seller to disclose it if you don't ask
25:56
the question they don't have to forward
25:58
the information to you they're not being
25:59
secretive you just haven't asked the
26:01
question that's very different than
26:02
asking them are there any lawsuits it's
26:04
very different if you ask them are you
26:06
concerned you know what is the
26:07
relationship with this with the
26:09
customers um is there anything in Peril
26:11
is there any uh customers that um was
26:14
businesses down significantly enough
26:16
that you worry about losing them if you
26:18
don't ask those questions they don't
26:19
have to tell you and there's 10 specific
26:21
areas each one has a drop down to it so
26:24
about a 40-page report you've if you're
26:26
thinking about buying a business you got
26:27
to read this report I mean it's it's
26:29
going to be enormously helpful and then
26:31
we'll get the uh QR code on there but
26:33
failing that if they um I think they
26:35
could post it or CA can put the QR code
26:38
on there um and then and then it's very
26:41
easy for people to download you get it
26:42
right away so it's download and very
26:44
easy to e read and very helpful always
26:47
be learning always be Lear always be
26:49
learning
26:50
baby yeah and in closing I would just
26:53
like to thank our sponsors of the
26:55
headbands and handkerchiefs I've be call
26:57
calling it H&H h& h no business
27:00
buying banter show um our sponsors our
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brilliant beam media uh CA and her team
27:06
are the um behind the scenes um IT Tech
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supporting us so we can put this show on
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every week every Thursday you find us
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live streaming at 2 pm Central Time on
27:18
all your favorite social media channels
27:21
primarily LinkedIn and YouTube for
27:23
Richard on his channel what's your
27:25
channel uh handle do you know what Rich
27:27
par
27:28
on LinkedIn and it's 2 o'clock Eastern I
27:30
think 1 o00 Central 2 o'clock Eastern
27:32
there we go yeah yeah and my handle is
27:35
um uh business Biz buyers Ally bis
27:39
buyers Ally that up which is that which
27:42
is exactly what you are I have to be and
27:45
and then our other sponsor is Raquel
27:48
connections Corner um she has a growing
27:52
Community um my gosh approaching 60,000
27:56
followers and um she has a show every
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other Saturday at:28:01
Time uh it's a great little Community if
28:03
you want to network as a small business
28:05
owner getting to know others I want to
28:07
thank them both for um sponsoring our
28:09
show any closing thoughts before we wrap
28:12
this up what any um comments to uh
28:15
sellers or buyers Richard on the subject
28:17
of what do banks look at well they're
28:19
going to look at everything so make sure
28:20
you provide everything provide it early
28:23
provide it uh address it quickly make
28:25
sure it's 100% legit and know that
28:28
without question anything you hide is
28:31
coming to the surface so just be
28:32
completely transparent and get on top of
28:35
all the as a buyer get on top of
28:37
everybody to make sure the information
28:39
is provided to you
28:41
expeditiously and if you don't you're
28:43
going to be bitten in the dupa in right
28:45
in the dupa a okay all right folks thank
28:50
you for joining us and we will see you
28:52
next week Thursday 2 pm Central H&H is
28:56
out of here bye Deb
28:59
[Music]
29:09
bye