I've recently looked at a business here in Dallas that I like but I don't have the financials yet. The seller's agent won't release any more details to me until I sign a letter of intent or offer. Is this normal? How can I possibly offer to buy the business if I don't know how much it's making?
I've seen brokers try this tactic and it drives me nuts! Keep in mind that in today's markets good businesses sell fast and so you may at times feel a bit handcuffed when the right business comes along but you simply do not have enough information to move to an offer.
However, there are three ways to overcome this:
The first is to try and set the ground rules - meet with the broker and the seller.
The third option is to simply
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