Case study: Projections on business acquisition

Business client with a net worth of over $11M required personal financial statements to be completed in order to obtain financing to purchase an agency. We completed a personal financial compilation. We prepared personal financial statements reflecting a net worth of $11.2M. Business owner previously attempted to obtain a $1.2M loan to purchase a business and was turned down. Another lender gave a conditional approval based on the owner put up at $900,000 in assets including the primary residence.