or owned by just a couple of partners. They've operated them for years and built up the value of the company over time. I usually get involved when they want to take the next step and expand or sell. Up to that point they've had no need for audited financials. The owners are typically focused on operations and not finances. They're not fortune 500 companies, but more like successful mom and pop operations. All the focus has been on building the company and operations. I'm more surprised if they do have audited financials than if they don't.