Spooky Business Sales Situation Part 3 of 3
Sellers Beware – Not all buyers are exactly what they seem. Some sellers think, how hard can it be to sell my business? I'll just put an advertisement on line and wait for the flood of offers to arrive. In the meantime these business owners/sellers are fielding numerous phone calls and emails from seemingly delightful people asking very specific questions about the seller’s business. The Spooky part is that the buyer never signed a non-disclosure and confidentiality agreement nor have they provided proof of funds. What's so Spooky about that? First Choice was told this scary story from a surviving seller. In this Halloween Horror story the seller tried to sell their business without a business broker to help protect them. From things that go bump in the night to sellers "over providing" information too soon to potential buyers is the scary story that we heard. In this horror story the buyer ended up opening their business right down the street from the seller by duplicating the seller's business with the information and client contacts the seller provided to the buyer in good faith. Make sure to consult your First Choice Business Broker on the appropriate process for delivering information to potential buyers and much more!