Checklist to KnowYour Current BusinessFinancial Status:
Financial Statements
This includes the balance sheet, income statement, and cash flow statement for the past few years, providing an overview of the business's financial performance and position.
Customer and Market Analysis
Market research reports, customer surveys, and industry analysis can provide insights into the business's market position, customer base, and growth potential.
Tax Returns
The business's tax returns for the past few years can provide insights into its profitability, expenses, and tax obligations.
Business Plan
The business's current or most recent business plan can provide strategic insights and growth projections.
Sales and Revenue Records
Detailed records of sales, revenue, and invoices for a specified period can help assess the business's revenue streams and growth trends.
Intellectual Property Documents
Patents, trademarks, copyrights, or any other intellectual property documentation should be included to assess the value of intangible assets.
Accounts Receivable and Payable
A breakdown of outstanding customer payments (accounts receivable) and outstanding payments to suppliers (accounts payable) provides a snapshot of the business's cash flow and financial obligations.
Employee Information
Employee contracts, payroll records, and benefits information can help evaluate the workforce's impact on the business's operations and expenses.
Asset Inventory
An inventory list of the business's tangible assets, such as equipment, machinery, inventory, real estate, and intellectual property, helps assess the value of its physical resources.
Insurance Policies
Details of insurance policies, including coverage and claims history, provide insights into risk management practices and potential liabilities.
Debt and Loan Documents
Any loans, outstanding debts, or credit agreements should be documented to understand the business's financial liabilities and obligations.
Legal and Regulatory Compliance
Documentation related to licenses, permits, regulatory compliance, and any pending or past legal issues is essential for assessing potential risks and compliance matters.
Contracts and Agreements
Reviewing existing contracts and agreements with customers, suppliers, partners, and employees helps assess the stability and continuity of business operations.
Industry and Competitor Analysis
Reports and data on the industry, market trends, and competitor analysis can provide context for the business's performance and competitive advantage.
Organizational Structure and Legal Documents
Articles of incorporation, bylaws, shareholder agreements, partnership agreements, and other legal documents are necessary to understand the business's structure and ownership.
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