If I’m interested in buying a laundromat from the current owner, is it possible to get legal paperwork that will allow me to check his profits?
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If I’m interested in buying a laundromat from the current owner, is it possible to get legal paperwork that will allow me to check his profits?
Asked on December 30, 2015 under Business Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You can make it requirement as you are negotiating the sale that the would-be seller provide *any* information you want: e.g. audited financials; tax returns; bank account statements; his major recurring monthly bills; payroll information; etc. If the seller will not provide you the information you want, or the information is incomplete or lacks detail, or just in any way makes you uncomfortable, run, not walk, away from the transaction and look for a different business to buy.
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