Question 1

What is a BizFacts report?

Accepted Answer

A BizFacts report is a compiled record of what public and commercial data sources hold on a US business: corporate registration and standing, UCC liens, litigation history, bankruptcies, federal and state tax liens, watchlist screening and adverse media. It tells you whether the business a seller describes matches the business that exists on the record.

Question 2

Why run a report before buying a business?

Accepted Answer

Because the two things most likely to sink a deal are not in the financials. A UCC lien means the assets you are buying may already be pledged as collateral, and undisclosed litigation can follow the business into your ownership. Both are public record, and both are cheaper to find before an offer than after one.

Question 3

How long does a report take?

Accepted Answer

The screening tier returns in minutes. The deeper tiers pull records that some jurisdictions serve slowly, so they can take longer, and the report tells you which layers are still compiling while you read the ones that are done.

Question 4

Can a seller run a report on their own business?

Accepted Answer

Yes, and it is one of the most useful things a seller can do before listing. Buyers will pull this record anyway. Finding a stale lien or an incorrect registration status yourself, months before a buyer does, turns a deal-breaker into a piece of admin.

Question 5

What is not in a BizFacts report?

Accepted Answer

It is a record search, not an audit. It does not verify revenue, confirm profit, or replace a quality-of-earnings review, and it cannot see anything that was never filed anywhere. Use it alongside financial diligence rather than instead of it.

Question 6

Do you need the seller's permission?

Accepted Answer

No. Everything in the report comes from public and commercial records about the business as an entity, not from the owner's personal credit file, so it can be run on any US business you are evaluating.

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