A personal financial statement lists what an individual owns and owes at a stated date. Assets minus liabilities equals net worth. Net worth is not the same as cash available for an acquisition.
01 / The right starting point
Choose the form. Keep the purpose clear.
This is your personal financial statement, not the target company’s balance sheet. It gives a financing reviewer a dated picture of your assets, debts and net worth, alongside the supporting schedules. The business’s financial statements answer a separate question: how the proposed acquisition will support its obligations.
OFFICIAL FILLABLE PDF
SBA Form 413
Duneland uses SBA Form 413 as a standard starting point for personal financial information across financing routes. An SBA, conventional or private lender may request its own form or additional information.
The linked official PDF is edition 05-24. Its printed OMB expiration is August 31, 2027; the SBA landing page lists an effective date of February 13, 2025. Those identify the source version, not a guarantee of lender acceptance.
EXCEL PREPARATION WORKSHEET
Organize the numbers first
The free Duneland .xlsx worksheet helps organize figures before completing the required form. It includes a fictional example and calculated totals. It is a preparation aid, not an official SBA Excel form or a substitute for the lender’s required disclosures.
Downloads are ungated. Keep your working copy private, and use the agreed private document process when sharing a completed statement. Do not put account details in a general enquiry.
02 / From records to statement
How to complete a personal financial statement
Gather bank and investment statements, retirement balances, mortgage and loan records, property information, insurance cash-value details and relevant guarantees. Work from a consistent as-of date. Follow the official form’s instructions and the lender’s requests where they require more detail.
Identify the person and the date.
Complete the personal and business-identification fields requested. Confirm whose statement the financing reviewer needs; do not assume one person’s form covers every owner or guarantor. Check how jointly owned assets and obligations should be reported.
List assets at supportable values.
Separate cash, investments, retirement accounts, real estate, other property and business interests. Use the requested valuation basis and retain the supporting records. For life insurance, distinguish cash surrender value from the policy’s death benefit.
Match the debts to the records.
Record current balances, rather than original loan amounts or monthly payments in a balance field. Include mortgages, notes payable, credit obligations and unpaid taxes as applicable. Avoid counting the same debt twice across a summary and its supporting schedule.
Complete income and contingent obligations.
Report the requested income information separately from asset values. Review guarantees, co-signed debt and other potential obligations in the form’s contingent-liability section. An obligation does not disappear because someone else currently makes its payments.
Reconcile the summary and schedules.
Total assets minus total liabilities should equal net worth. Check that property, investment and debt schedules agree with their summary lines. Do not enter only property equity as an asset while also subtracting the full mortgage.
Review, sign and confirm timing.
Read the certifications before signing. Confirm the lender’s signature, document and date requirements, and refresh figures when required. Keep supporting evidence with your private records. A completed form does not itself verify funds or approve financing.
03 / A fictional acquisition buyer
$520,000 of net worth does not mean $520,000 to invest.
Consider this simplified example. It illustrates the arithmetic and the liquidity distinction; it does not reproduce every field on Form 413.
| Asset | Value | Liability | Balance |
|---|---|---|---|
| Cash and savings | $120,000 | Home mortgage | $400,000 |
| Retirement accounts | $180,000 | Vehicle loan | $25,000 |
| Life insurance cash value | $20,000 | Credit cards and personal credit lines | $15,000 |
| Home | $500,000 | Unpaid taxes | $5,000 |
| Vehicles | $50,000 | Other personal liabilities | $5,000 |
| Business interests | $80,000 | — | — |
| Receivables and other assets | $20,000 | — | — |
| Total assets | $970,000 | Total liabilities | $450,000 |
$970,000 of assets minus $450,000 of liabilities. Much of this value sits in a home and retirement accounts.
The cash-and-savings line. This example has no marketable securities. Other asset values are not automatically cash available for the purchase.
If $35,000 of that cash is reserved for household needs and existing commitments, $85,000 remains before acquisition costs and further reserves.
The $85,000 is not approved acquisition equity. Closing costs, working capital, source-of-funds requirements and the proposed financing still matter. The $35,000 cash reserve is a separate planning assumption, not another subtraction from the net-worth calculation.
Use the statement to start the discussion, then substantiate the relevant funds. Our proof-of-funds guide explains the evidence, and the buyer financing-readiness guide connects it to the transaction.
04 / A date has a reference point
Check the form date and the financing timetable.
Check both the submission and approval dates. The form instructions and SBA’s lending procedures describe different timing tests; one date does not settle every requirement.
| Source | Requirement described |
|---|---|
| Form 413, edition 05-24, page 2 | A 120-day submission window for 7(a)/504 and the other programs specified there; a 90-day submission window for Disaster. |
| SOP 50 10 8.1, Section A, Chapter 5: personal financial statements | Statements from individuals guaranteeing the loan, except supplemental guarantors, dated within 90 days of loan approval. |
| SOP 50 10 8.1, Appendix 20: 7(a) submission file | Owner financial statements for owners of 20% or more and proposed guarantors, except supplemental guarantors, signed and dated within 90 days of submission to SBA. The SOP permits Form 413 or the lender’s equivalent and specifies included spouse/minor-child assets. |
Submission and approval are different events. Check the current form instructions and applicable SOP, then confirm with the lender which dates and updates your file requires. A statement can need refreshing as a transaction progresses.
05 / Before you send it
Common questions
Is this only for an SBA loan?
No. Personal financial statements also support conventional and private financing reviews. Duneland uses Form 413 as a standard starting point, but the lender determines the required format and supporting information. SBA also uses the form outside acquisition lending.
Can I prepare the statement in Excel?
Yes, you can organize and calculate figures in the Duneland preparation worksheet. If the lender requires the official fillable PDF or its own form, complete that document too. An Excel file is not automatically an accepted replacement.
Does a high net worth prove I can buy a business?
No. Net worth can include assets that are illiquid, restricted or needed elsewhere. A financing review also considers available equity, the target business’s cash flow, the proposed structure and other requirements. The statement alone establishes none of those approvals.
Should a broker complete the buyer’s statement?
A broker can help coordinate the document request, but the individual whose finances are disclosed needs to check the information and required certifications. Keep buyer identities and completed financial documents out of public listings and anonymous buyer profiles.
Sources & document versions
Start with the issuer’s instructions.
- U.S. Small Business Administration: Personal Financial Statement, Form 413. Official landing page and linked fillable PDF, edition 05-24; printed OMB expiration August 31, 2027.
- SBA SOP 50 10 8.1. Effective October 1, 2026; consult the applicable guarantor financial-statement requirements.
Prepared by Duneland Financial. Source versions checked October 5, 2026. The Excel file and example are Duneland preparation aids; the SBA issues the official Form 413.