Two companies with identical revenue can receive very different answers from the same capital sources. The difference is usually legibility: whether the business can be understood quickly and verified reliably.
What sources look for
Financial statements that reconcile. Clean separation of personal and business activity. Documented customer contracts and reasonable concentration. A debt schedule the owner can explain. Consistency between tax returns, internal reporting, and bank activity.
None of that changes the economics of the business. All of it changes the terms available to it.
Preparation is leverage
Improving financeability is often the highest-return work available before a transaction — and it is entirely within the owner's control.