CLAUSEPREP · FREE SAMPLE
Buying a business
You are evaluating or negotiating purchase of an existing small business.
Educational preparation. Not legal advice or a review of your actual contract.
01 · THE STARTING POINT
Understand the risk.
General risk band: high
You are buying history you did not create: cash quality, customer concentration, and hidden liabilities decide whether the price is real.
This is a general sample. Your timeline and available state notes can change the preparation. Add my details →
02 · TAKE THESE TO THE CONVERSATION
Questions to ask.
Why is the owner selling, and what would make them walk away from this deal?
Why it matters. Motivation reveals whether the story is lifestyle exit or a business in decline.
Can I see tax returns, bank statements, and P&Ls for at least three years side by side?
Why it matters. Broker books alone are marketing. Cash must reconcile.
What percentage of revenue comes from the top five customers?
Why it matters. Concentration risk can vaporize earnings after closing.
Which contracts, leases, and licenses require consent on change of control?
Why it matters. A non-assignable lease or vendor contract can kill operations day one.
What stays with the seller (personal vehicles, IP, social accounts, phone numbers)?
Why it matters. Asset lists are where value quietly disappears.
03 · KNOW WHAT TO CHECK
Traps to discuss before signing.
Add-backs that are not real
Normalized EBITDA often includes one-time expenses that reappear every year.
Seller staying indispensable
If customers only trust the founder, transition risk is underpriced.
Working capital not defined
Without a peg, you can close into a cash-starved balance sheet.
THE COMPLETE PREPARATION
Good questions are the start.
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The full buying a business report adds your ordered checklist, documents to gather, complete question scripts, negotiation points, more traps, a timeline, and professional review prompts.
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Educational preparation. Have a licensed professional review binding decisions.
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