Should I worry about a pattern of late payments to suppliers showing up in the books?

Yes, this is worth digging into rather than treating as a minor administrative detail. A consistent pattern of late payments to suppliers, visible in accounts payable aging or supplier statements, often points to a cash flow problem that isn't necessarily obvious from the profit-and-loss statement alone — a business can look profitable on paper while genuinely struggling to manage its actual cash timing, especially if it relies on supplier credit as an informal source of working capital.

Beyond the financial picture, chronically late payments can strain supplier relationships in ways that follow the business into new ownership: suppliers may have tightened credit terms, demanded upfront payment, or be considering ending the relationship altogether, none of which shows up simply by looking at what's currently owed. A new owner can inherit a supplier relationship that's already fragile without knowing it going in.

Review accounts payable aging specifically, not just total liabilities, and consider asking key suppliers directly (with the seller's cooperation) about the current state of the relationship and payment terms. A Treadstone business lawyer can help make sure any assumed payables and their terms are clearly addressed in the purchase agreement.