Buying an established business means taking over its customers, staff and reputation — and its problems. This checklist covers what to ask the seller for before you agree a price. Use it alongside an accountant and a lawyer who handle business purchases in your state.
1. The money
- Three years of tax returns and profit-and-loss statements, and the current year to date. Compare them: figures that differ between the two need an explanation.
- Bank statements for the same months, so you can see the revenue actually arrive.
- How the seller works out the profit they quote (often "seller's discretionary earnings" — profit plus the owner's own pay and personal costs run through the business). Ask for each add-back line by line.
- Revenue by customer: if one or two customers bring in a large share, ask whether they are under contract and whether they will stay after the sale.
2. Customers and contracts
- Written contracts or recurring service agreements, their end dates, and whether they can be transferred to a new owner.
- How customers are found today (referrals, ads, a website, one key relationship) and what that costs each month.
- Online reviews and any complaints — read them yourself.
3. People
- Who does the work, what they are paid, and whether they are employees or contractors.
- Which people the business depends on (often the owner) and how long the seller will stay to hand over. Get the handover period and what it includes in writing.
- A non-compete agreement from the seller, so they don't open the same business down the road.
4. Assets, premises and licences
- A list of what is included: vehicles, equipment, stock, phone numbers, website and social accounts, customer lists, software.
- Any lease: its length, rent increases, and whether the landlord must agree to the sale.
- Licences, permits and insurance the business needs in your state, and whether they move to you or must be applied for again.
5. Paying for it
- Many small-business purchases are paid with savings plus a loan. The U.S. Small Business Administration's 7(a) loan program can be used to buy an existing business — see sba.gov/7a-loans for the current rules, and ask an SBA lender what down payment they need.
- Some sellers will "carry" part of the price (seller financing) and be paid over time. It shows the seller believes the business will keep earning.
- Most purchases of small service businesses are "asset purchases" (you buy the assets and goodwill, not the company with its past debts). Ask your lawyer which suits this deal.
6. Before you sign
- Put what you were told in writing in the purchase agreement: the figures, what is included, the handover, the non-compete.
- Listings on BlueCrew Market are written by sellers; we do not verify their figures. How listings are checked.
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General information, not legal, tax or financial advice. Last updated October 13, 2026.