Treat customer money together with the remaining obligation it supports. Determine whether deposits transfer at closing, reduce the price or remain with the seller under another arrangement. The answer affects the buyer’s cash needs; it should not be presumed from the size of the order book.
Distinguish acquired liabilities from new investor capital
Map the cash required to complete existing orders before forecasting funds available for expansion or owner compensation. Explain separately the investor’s contribution and lawful funding trail. Customer receipts are not automatically the investor’s capital contribution. Ask the transaction team to reconcile the closing adjustments with the business plan so the same money is not counted twice.
Break the budget into committed acquisition costs, equipment, working capital, refundable amounts, secured borrowing, government charges, and professional fees. Count only funds genuinely and irrevocably committed to the enterprise and exposed to loss under the actual terms; do not report an optional future price as present investment. For a modest millwork shop this usually means the great majority of the purchase price plus working capital.
Ask what the management company charges, whether it takes a percentage of revenue, and how the fee affects the projected margin used to discuss non-marginality.