I've received a lot of advice on the importance of thoroughly understanding the finances of a target business before submitting an LOI and ensuring further clarity before closing. However, I'm struggling to interpret what exactly this entails in practice. Specifically, I'm finding it challenging to get access to detailed financial data. Can anyone provide guidance on: + What specific documents / data should I request from a seller to gain a full understanding of the business’s financial health? (Is it just tax returns and P&L?) + How can I best ask for this information in a way that encourages transparency? + What strategies or tips do you have for obtaining more detailed financial data, especially when the broker or seller is reluctant to provide it? The data is always messy (which I understand) but "getting comfortable" has proven quite challenging.