Tuesday, March 01, 2011
"My spouse and I have been looking to buy a business for some time. We've found a good local business with a great location and lots of existing customers.
"The seller wants us to pay one-and-one-half times his gross sales last year, which our accountant says is a fair price. The seller has also agreed to let us pay him 40 percent of the purchase price over the next five years, which we think is also a good deal.
"The problem is that the seller told us he carries two sets of books -- 'one for the government, the other for real' -- and that he wants us to pay one-and-one-half times his gross sales as reported on his 'private' set of books, which naturally shows much higher gross sales.Rasmussen subscribers can log in to read the rest of this article.
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