I Believe in Me…
As I joined the Business Brokerage industry I noticed there was one common theme that seemed to play out over and over again. Just like realtors in the real estate industry, most business brokers seemed to stock pile business listings and then sit back and wait for someone else to bring them a buyer. This model really didn’t seem to make much sense to me. Why would you put your success and your sellers success in the hands of people you don’t even know. The buyers broker could be a good broker, a bad broker, an unethical broker, a lazy broker, who knows!
I have always called every buyer lead myself. Even with my larger M&A businesses I call each lead whether it is a private equity firm, REIT, family office, strategic buyer, or even a wealthy individual investor. As we speak to each buyer they first must sign an NDA (non-disclosure agreement) stating they will not disclose the name, the “for sale” status, or any other financial information about the business. Next, prior to receiving any information about the business the potential buyer must give us some form of financial proof of funds that they can execute on the business.
The bottom line is I want to maintain as much control over our clients sales process as possible. Confidentiality is not an option, it’s a given.