There was a deal I looked at maybe six months ago that was a great strategic fit and looked like a great business, but was ultimately in the wrong geography so I bowed out and didn't submit an IOI. Now there's an almost identical business for sale, but in the right geography. The seller's broker is completely out to lunch, doesn't know the basic details of the company, didn't show up for the seller interview phone call, and the company honestly isn't particularly well-positioned for a sale to maximize value for the Seller's. That's all fine for me, because I have a decent grasp of the business operations. But, the broker here is going to be useless when it comes to conversations around deal structure and values.
The broker on the previous deal that I worked on was extremely professional and represented the Seller very well. How appropriate/inappropriate is it for me to call them up and try to dig for some information around the winning bid on the previous deal, most importantly around deal structure and how some key employees were handled in the transaction? Will brokers look at this as a breach of their confidentiality with the Seller or is this just part of professional development for all parties?
Broker Etiquette
by a searcher from Boston College - Wallace E. Carroll School of Management
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