Business Buyers and Their Financial Information
Every day I have people calling or emailing me, inquiring about one of our business listings. Due to confidentiality issues, I am not at liberty to immediately discuss the business , other than providing general information about the type of business it is and some interesting qualities about that business. In essence, whatever information the inquiring person saw in one of our ads is what I would be reiterating…that is until I send and receive back three documents. These documents, buyer documents, as we call them, consist of a confidentiality form (don’t tell anyone anything that you learn about the business), an agency disclosure form (we represent the sellers), and a buyer profile (a little bit about the buyer and his/her interests, experience and finances).
Most people understand that we need the confidentiality and disclosure documents signed and returned, but some question the reason they should provide their financial information to us, based solely on an inquiry into a particular business. While I understand and appreciate this concern, it is part of our obligation to our sellers that we only release their confidential and financial information to people who can feasibly purchase their business. No one at our company has any personal interest in any of our buyers’ private financial information.
And, of course, the next step for me is to then provide the buyer with more details about the business in question. At this point, we can release the name , location and financial information about the business. From there, we can hopefully match our sellers with the right buyers or our buyers with the right sellers.
For more information on the buying process, visit http://www.entrustassociates.com/buying-a-business.html.