Where could I go and find out debt information on a business?

I was offered by the owners to buy a franchised fitness club that is about to close. Although I would love to own it, I am very worried that this club may be in debt up to their eyeballs. Who can I contact to get this information? This particular club caterers to women only.Where could I go and find out debt information on a business?
How is the ownership of this franchise set?

If it is a private holding, then the only way to find that information is to ask them directly. Private companies do not have requirements to publish financial statements that would show the level of equity in the company.

If it is a corporation, then the company has to publish its financials, and those will show the level of debt to equity in the company.

Anyway, you can go online and search for "company profile" with the name of the company on sites like Forbes.com. They keep a pretty decent up-to-date info on companies, even some private ones but obviously void of financial information.

I have always advised investors to be cautious when approached by someone to buy a franchise, the main selling point of successful franchises is that they do not need to look for investors, investors look for them. McDonald's does not target potential franchisees, potential franchisees go after McDonalds because it is a tried and true investment.

As with any investment, if the company is loaded with debt you must add a Risk Margin to your expected returns, and do some value-based and economic-based analysis to ensure that your return would be feasibly achieved.