Codie Sanchez

And if one of those is happening, then you are primed and ready as a motivated seller.

I think there's three things you need to get 80% of the way to a deal.

And the devil is in the 20%.

But if you want to get 80% of the way to figuring out what a business is worth, and maybe should you buy it, you need these three things.

I think there's three things you need to get 80% of the way to a deal.

And the devil is in the 20%.

And they are first, you need a profit and loss statement.

But if you want to get 80% of the way to figuring out what a business is worth, and maybe should you buy it, you need these three things.

So what does the business make and what does the business spend each month?

And typically you want that to be expanded so you can look at it weekly and monthly.

And they are first, you need a profit and loss statement.

So what does the business make and what does the business spend each month?

You don't just want an annual one because some businesses have a lot of what's called seasonality.

And typically you want that to be expanded so you can look at it weekly and monthly.

So variability in their sales or expenses.

Then the second thing you want is their tax return because they put together the P&L, but the IRS puts together the tax return.

You don't just want an annual one because some businesses have a lot of what's called seasonality.

So variability in their sales.

And so very seldom is a small business owner going to pay the IRS more because they lied about their business making more than it really did.

or expenses.