Evaluating an Asset‑Heavy Business with Limited Financial Disclosure

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January 31, 2026

by a searcher from Florida Institute of Technology in Salt Lake City, UT, USA

I’m looking for some perspective on a deal where the owner is selling all of the business assets and providing only the last three months of bank deposits as a rough indication of revenue, but is refusing to share tax returns or other financials. It’s an asset‑heavy business and, based on the assets, I estimate it’s worth roughly two‑third of the asking price. The seller says customer contracts and employees are included in the asset sale. How should I approach this situation, and is it even worth pursuing?
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Reply by a searcher
in Tyler, TX, USA
Agree with Jorge, you've got to understand the "why" behind the refusal to share more information. Assuming you get to an answer there that's satisfactory, if you feel like the business could be a great fit (industry, valuation, situation, etc.), I would try and figure it out. What other data is out there that he's willing to share that can help you underwrite and finance the deal. If he's unwilling to share a full set of data, is he willing to finance a large portion of the deal. Can you build in contingent financing structures that shed some of the risk. I'd certainly want to see the contracts that are in place to make sure they're transferable in an asset sale. Being transparent with the owner I think is key here -- explain what you want and why. How you're going to use it, why it helps you move the ball forward, etc.. Little bit of "Hey, you want this price. If X, Y, and Z are true, it's reasonable, but I need to be able to see data that allows me to vet XYZ."
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Reply by a searcher
in Ellensburg, WA, USA
If you reframed this in your mind as a “liquidation sale that happened to come with a list of potential customers and a list of people with experience you might want to hire”, what would it be worth to you? If you can find a price that supports that thesis, and be ok skipping the due diligence, you might be in a good position. To do that you’d need to be comfortable with no contract continuation, have separate use for the assets, etc. If you want to pay more and receive a verifiable going concern, this structure won’t hold up. I bought an automotive repair shop under similar circumstances years ago. It turned out great, but it was a small deal, it was essentially a startup venture, and it met the seller’s needs.
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