← The file that decides whether your price survives
The forty-one requests a competent buyer works through after an LOI — as a checklist you run on yourself, years early if you can, this week if you must. Mark every line honestly; the third column is your build plan.
| The request | Have it | Could build it | Cannot answer | Owner / date |
|---|---|---|---|---|
| 1 · Corporate — whether the thing being bought is cleanly and provably owned by the person selling it | ||||
| Formation documents and amendments | ☐ | ☐ | ☐ | |
| ownership ledger and any option or phantom arrangements | ☐ | ☐ | ☐ | |
| board or member consents | ☐ | ☐ | ☐ | |
| licences held, by number and expiry | ☐ | ☐ | ☐ | |
| registered agent and good-standing evidence | ☐ | ☐ | ☐ | |
| 2 · Financial — whether the earnings figure is a measurement or an assertion | ||||
| Three years of filed returns | ☐ | ☐ | ☐ | |
| three years of monthly P&L and balance sheet | ☐ | ☐ | ☐ | |
| trial balance | ☐ | ☐ | ☐ | |
| AR and AP ageing at three dates | ☐ | ☐ | ☐ | |
| bank statements matched to a sample quarter | ☐ | ☐ | ☐ | |
| the add-back schedule with evidence attached | ☐ | ☐ | ☐ | |
| budget versus actual, if it exists | ☐ | ☐ | ☐ | |
| 3 · Revenue & customers — whether the revenue is a relationship, a contract, or a habit — and whether it is the company’s or the owner’s | ||||
| Revenue by customer by month, thirty-six months | ☐ | ☐ | ☐ | |
| contracts and renewal dates | ☐ | ☐ | ☐ | |
| the top-ten concentration table | ☐ | ☐ | ☐ | |
| churn and win-loss, however informally kept | ☐ | ☐ | ☐ | |
| pricing history and the last three increases | ☐ | ☐ | ☐ | |
| 4 · People — whether the work survives the handover, and what exposure rides along with it | ||||
| Roster with role, tenure, and pay | ☐ | ☐ | ☐ | |
| the org chart as it actually operates | ☐ | ☐ | ☐ | |
| classification of every worker | ☐ | ☐ | ☐ | |
| overtime and meal-break practice | ☐ | ☐ | ☐ | |
| non-competes and any agreement with a change-of-control clause | ☐ | ☐ | ☐ | |
| open roles and time-to-fill | ☐ | ☐ | ☐ | |
| 5 · Operations & assets — whether the business runs on systems or on one person’s memory | ||||
| Equipment list with age, hours, and maintenance history | ☐ | ☐ | ☐ | |
| lease or deed and the rent basis | ☐ | ☐ | ☐ | |
| capital spending, three years back and one forward | ☐ | ☐ | ☐ | |
| the systems inventory and who administers each | ☐ | ☐ | ☐ | |
| a written description of how a job moves from enquiry to cash | ☐ | ☐ | ☐ | |
| 6 · Legal & compliance — whether anything in here becomes the buyer’s problem the day after closing | ||||
| Litigation, closed and open | ☐ | ☐ | ☐ | |
| permits and inspection history | ☐ | ☐ | ☐ | |
| environmental for any coatings, solvents, or refrigerants | ☐ | ☐ | ☐ | |
| warranty and callback history | ☐ | ☐ | ☐ | |
| regulatory correspondence | ☐ | ☐ | ☐ | |
| 7 · Insurance & risk — what the file says about operating discipline, before anyone visits the shop | ||||
| Policies and limits | ☐ | ☐ | ☐ | |
| five years of claims and loss runs | ☐ | ☐ | ☐ | |
| experience modification history | ☐ | ☐ | ☐ | |
| certificates from every subcontractor | ☐ | ☐ | ☐ | |
| any coverage gap or lapse | ☐ | ☐ | ☐ | |
| 8 · Tax — whether an unpriced liability is riding into the transaction | ||||
| Payroll tax filings | ☐ | ☐ | ☐ | |
| sales and use tax position and any nexus question | ☐ | ☐ | ☐ | |
| property tax | ☐ | ☐ | ☐ | |
| any notice, audit, or open matter | ☐ | ☐ | ☐ | |
A request list, not a legal or accounting requirement; what your business actually needs is a question for your own advisors. This sheet produces no number and no valuation — deliberately. Education, not advice: your accountant, attorney, and family make every real decision with you. Heritage Platform Group is a principal and advisor, not a broker. © 2026 Heritage Platform Group, Inc.