Conversation between business buyer and business broker:
Buyer – “I have a few questions about the financial statements, especially the few items related to the owner’s “other company?”
Broker – “I’m not sure we can get answers. The financial statements are “cloudy.”
Buyer – “What do you mean “cloudy?”
Broker – “I’m not sure they’re accurate.”
Buyer – “Well, the bank needs the answers.”
Broker – “I’m not sure you’ll be able to get a bank loan given these statements.”
Really? Not just about a broker not pre-screening a business to see if it’s worth taking on as a client but how can anybody take on a client, customer, buyer to buy your business, or seller to sell you a business without any “pre-flight checkup” like pilots do?
You can’t be, or even appear to be, that desperate. As I’ve said for years, the only thing worse than no client/customer/deal is a bad one. They always come back to haunt you.