How Lenders Look at Financial Statements – What Underwriters Want to See

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TXS well hello everybody Welcome to

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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: 4506

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: 4506

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: 4506

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: 4506

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

27:03

brilliant beam media uh CA and her team

27:06

are the um behind the scenes um IT Tech

27:12

supporting us so we can put this show on

27:14

every week every Thursday you find us

27:16

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: 10:00

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