OFFER LETTER

I'm creating an offer for an IT company. The seller has only provided P&Ls for the past three years. I've asked the seller for tax returns,CF/BS, and he has declined until after I put in an offer. The P&Ls are not very clear, my accountant trimmed them down and we're unable to discern where the owner's salary/disbursement is so it reduced my valuation of the company to 1/3 the asking price. I told the broker up front that w/o the other docs, the offer would be low. I'm sensing a few red flags here. Any thoughts?



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