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Originally Posted by KingOtter67
That's absolutely what I should have done... asked for bank records, too.
Personally I think the guy probably sold drugs through them... not that I'm so against it... I just don't know how on earth they stayed afloat. It took less than a year for them to bring me down. They only made enough money to barely cover employee expenses.
I'm sure he would have said, 'Most of our income is in cash, and we don't really put it in the bank anywhere, so you won't see half of it.'
At which point I would have said, 'Then no thank you.'
Oh well.
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Yes, the other thing that worked against you was that you used your own money.
Believe me, if you had applied for a bank loan for that business, the bank would have jangled all of your alarms.
Hope I'm not sounding like a know-it-all. I've gotten screwed over too--I'm just posting in case it helps someone else.