Taking over an Existing Business

[h2o]

I'm taking over a business that my friend had run for 15 years. He is retiring and selling the business to me at the end of the year. In order to get bonding, I understand that business financials may be required. Since the company will be under new ownership, will I still be able to use the company's business financials from before I took over or will the company be treated as though it's a new company?

[Surety Wizard]

You would be able to use the business financials as a reference point for the past performance of the company. Keep in mind that the Bond will be based off of the personal credit of the new owner of the company. They will also look into the personal financial statements for the new owner as well. There are many factors that go into determining the rate for a bond premium.