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A business broker’s mission is to get the seller the highest price on the most lucrative terms.
Let's look at a scenario. A business buyer discovers, after purchasing a business, that he bought the wrong business or bought it the wrong way. Maybe he is in over his head and can’t really manage the company as he thought he could. He regrets his purchase. So, what does he do?
A Buyer Advocate’s goal is to facilitate the safe, profitable transfer of businesses...
If he shares his grief with a lawyer, the lawyer will probably advise him to look for ways to rescind the transaction by looking for someone to blame for the buyer’s mistake—someone like the seller or the seller’s advisors. A business broker, for example, makes a very good victim.
So, the buyer and his attorney go over every document that the seller and broker produced, or should have produced.
If the seller or broker failed to disclose a material fact, the attorney suggests filing a claim of misrepresentation, fraud, or unfair business practices. If the buyer can’t prove his claim, so what? It doesn’t cost much to file a lawsuit, and a negotiated settlement is usually possible.
The buyer, actually, has nothing to lose by pointing a finger at the seller or broker. After all, the buyer has the seller’s cash machine – the business – to pay for his attack on the seller or broker.
But as you can see, this scenario really benefits no one. Yet the brokers we work with say it's all too common.
When it comes to buy/sell transactions, few advisors have sufficient experience and expertise. Prudent ones refer their client to a business Buyer Advocate who specializes in issues that concern business viability, potential and valuation.
Why an Advocate?
First, an independent Buyer Advocate enables the seller’s advisors to (wisely) avoid dual agency (trying to serve both sides of a buy/sell transaction).
Our work for buyers may also protect the seller and the seller’s advisors. A buyer does not have as strong a claim of misrepresentation against a seller or business broker if the buyer has his own, independent business acquisition advisor.
A Buyer Advocate’s job is, to some extent, to take the monkey off the back of the seller and broker.
When to Act
Most of our clients are sophisticated business people. They want a real business, one that can substantially increase their net worth. The good news is they have the money and talent to buy and manage a business. The bad news is they raise to an art what’s known as “analysis-to-paralysis.”
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