If a buyer plans to use SBA financing, the lender will shape the process more than you think. The fastest closings start with a seller who is lender ready.
What lenders tend to verify:
Three years of business tax returns that agree to your accounting files
Year to date profit and loss and balance sheet that reconcile to bank statements
Clear add backs with proof, such as owner salary above market, one time legal fees, and personal expenses run through the business
Customer concentration with the top ten by revenue and the renewal risk for each
Payroll detail and worker status, including W2 staff, 1099 contractors, and any contracts that govern them
Open loans, liens, lawsuits, and other obligations that might survive closing
The lease with an assignment clause and any landlord requirements
Licenses, permits, or franchise approvals that a new owner must hold
How to speed up underwriting:
Write a short narrative that explains what the business does, how it makes money, and who does what on the team
Prepare AR and AP aging and explain any balances that are more than ninety days old
Document inventory quantity, typical turns, and how inventory will be counted and priced at closing
Provide a training plan that sets a buyer up for success in the first ninety days
Gather key contracts, renewals, and any price increase letters you expect this year
What this can do for you as a seller:
You reduce back and forth, avoid deal fatigue, and make it easier for a buyer’s lender to say yes. You also give serious buyers confidence that the business will likely pass underwriting.