Legal Question in Business Law in Nebraska

selling small business, how much financial information am i required to give prospective buyers

Do we have to sell to the first person or can we choose which buyer we prefer for our business


Asked on 8/31/10, 6:19 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say it depends on what type of financial information the buyer is requesting. Typically, it is a couple years of financials (profit and loss). If the business is not making money or barely breaking even, you should disclose this in the contract of sale to avoid claims of misrepresentation and fraud later on.Consult with an attorney in your area for specifics.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 9/05/10, 9:34 am


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