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To all Newbie Buyers

Please understand that a broker or seller needs to protect what information they give out regarding their business for sale. It is customary to ask that a potential buyer to sign a Non Disclosure and/or Non Compete Agreement before disclosing private/financial information regarding the business. If a potential buyer is not willing to do this, the seller or broker feels that you are either a competitor or someone not seriously interested. They may also ask for proof of funds before going into too much detail. You would just block out any account numbers on a bank or financial statement. THESE ARE NORMAL REQUESTS, so please understand the process and you will get more cooperation from the broker or seller. Also, please don't post an ad stating that you are looking for a $100,000 business when you actually only have a $10,000 budget. It's just a waste of time for everyone. Thanks

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Cook County, IL

AMEN TO ALL OF THESE SUGGESTIONS. I would also like to add that if you need a loan to purchase a business, it's very difficult to get owner financing for over 50% of the business. I've had requests made for 90% or even all of the business to be financed by the owner. No owner is going to do that, you will have to put some money down to show you are willing to invest your own hard earned money as well. AND, to agree with the other posters, you will never get any financial or other personal information about a business without a signed agreement from you. I realize that some new buyers think of brokers, finders, sellers, investors, as greedy people trying to steal their money, but, we work for the SELLER. It's our job to protect their privacy and make sure they get a SERIOUS, QUALIFIED BUYER. Not just someone looking to "see what's out there", or "who wants to see if there's a better deal, when they've already signed an LOI and given a deposit. That's not the time to search for a business. At that point, the broker/buyer are counting on you to keep your word and follow through with the purchase. A buyer can always hire a business buyer to look out for their interests. You usually have to pay a consultation fee, but, if you're one of these people that needs to have someone hold your hand through the process, this is the best way to go.
Thanks, Matt

Aug 16, 2010
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Amen to that.. and if i may add....
If you post to buy a business.. and your idea is working for it with no money down to earn the business.... we thought of that too but hiring our sister or nephew. We just do not see how that is a business proposal. there are better opportunities on

Aug 16, 2010

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