ForumsStarting a Business

Hello everyone,

I'm a first time SB owner and am in the process of purchasing a retail business that has been in operation for the past 4 years. The property that the business is currenttly operating from is slated to be torn down for a major development project. Fortunately, there is available space directly across the street (which is actually a better location). I spoke briefly with the prospective property manager, and she said I will need to fill out an application and provide financials.

• What financial statements will they require and look at?
• How important is personal credit rating and assets?
• Is there anything special I need to have ready?
• Does it matter that the business I'm buying has a successful track record and history?
• Will my financials affect my ability to negotiate lease terms?

I really want this space, but as a first time business owner, I feel like I won't be "ideal" on paper. Can someone please give me advice on what to expect and how to go about putting my best foot forward?

Thank you!