Trying to View a Business

loveandlight

I've been trying to set up a viewing of a business today but the business agent won't set up a viewing until he has full details of my personal finances. He was so rude and disrespectful and flew into a verbal rage at me over the phone ( aka doing a John Sweeney - you know the BBC reporter). I don't want to give away my personal financial details as they are private and surely it will also then mean I will lose my bargaining position when it comes to the negotiations stage. I have told him I have a cash lump sum and will be borrowing the rest from my bank. I don't know how else to get in touch with the business seller as I don't have their business name. Anyone got any suggestions on how best I can move forward on this?

Thanks in advance for your help.

ukbill69

Tell him if they are not willing to move then dont bother. I wouldnt gvie out personal detials until contracts are at the ready.

chriseeboy

Hi,

Whilst not being a commercial business agent I do have considerable experience of the transfer of Pub tenancies.

To a degree, I understand the need for the agent to investigate your finacial position but only to the extent he can satisfy his own client that you have funds/finance in place to at least qualify your serious intent. He has no need to know your complete financial position and as to his rude manner, this can never be justified.

Businesses are different from residential sales in that at some point, the 'books' need to be revealed along with other sensative information to help prospective purchasers make a decision as to whether they have a viable proposition on their hands.

The Vendor needs to have some background on the buyer, it would not be uncommon for competitors, customers or simple time wasters making superficial enquiries into what is, their own financial situation. It is the job of the Agent to protect the Vendor from such approaches.

In my experience, Brewery and Pub companies are satisfied with a statement demonstrating funds sufficient for a deposit and legal fees to complete the transaction. Armed with this, the Agent will understand the need to divulge details sufficient for the prospective Buyer to submit a Business Plan to his Bank.

Reapproach the Agent perhaps suggesting you both meet in the middle and I'm sure he will be more accomodating and less rude.

Good luck!

lifecoach_2

I am a business agent and recognise that todays buyer is tomorrows seller so treat both with respect. Personally I take people at face value and check out their finances when they want to make an offer. Perhaps this business agent will go out of business if they treat people like this and no one will have to deal with them.