Selling Your Business without an Intermediary: A Cautionary Tale
Recently, when a buyer handed us his financial statement along with his completed nondisclosure agreement, we realized that he was severely undercapitalized. Even if we considered the backing promised by his father-in-law he would hardly be eligible to acquire a business bigger than a lemonade stand.
Surprisingly the same buyer described extensive conversations he’d had with a business owner who was seeking a buyer for his $1 million business via a blind online ad. The business owner spent a significant amount of time discussing the prospect of selling his business to this supremely unqualified buyer. Time wasted.
Worse still, in relating his story the buyer supplied adequate details about the target business for us to identify the business for sale. Not only had the seller wasted his time talking to an unqualified buyer, but he had inadvertently granted this buyer the privilege of broadcasting his intention to sell the business. Potential jeopardy.
What is your time worth? How important is a confidential process to you? Apex Business Advisors applies a rigorous process in marketing, vetting buyers, and maintaining confidentiality throughout the transaction. Having sold hundreds of businesses over some 16 years we know how to achieve the seller’s objectives; efficiently and with reduced risk.
Contact us if you would like additional information about buying or selling a business.