Thought this group might be interested in a recent experience I had where a good company with sound fundamentals ended up getting de-listed - IMO, largely due to broker incompetence.

Mistake #1: Don’t lock the doors before the party starts.
When the business was initially listed, it generated a lot of interest. However, the broker made the decision to only accept offers from “strategic” buyers and PE groups. That effectively cut out the majority of serious, qualified solo buyers.

Mistake #2: Hope is not a strategy.
Rather than re-listing the business or reaching out to the original set of interested buyers once the strategics passed, the broker let the deal sit idle for months. I was part of that first group told “no thanks” and noticed months later that there was still no “pending” sign on the listing. I reached back out - and still got radio silence for a week before he finally replied.

Mistake #3: A bird in the hand is worth two in the bush.
After providing proof of funds, going back and forth multiple times on an IOI (at the broker’s request), participating in a seller call, and scheduling an in-person meeting, the broker informed us - just days before - that the seller had accepted another offer last-minute for a bit more cash. Greed turned to fear when that new buyer couldn’t secure financing, and the broker came back asking if I could still do the deal.

Mistake #4: When you dig yourself into a hole, stop digging.
I agreed to re-engage. The broker asked for detailed financials. I sent them. Then he told me, in so many words, “I don’t believe you. After the last buyer fell through, I want to be sure you can close.” This was after I had already provided a full PFS and a bank pre-approval. I asked for a seller meeting before sending anything further. He refused. So I passed - there clearly wasn’t mutual trust.

The result? The listing was quietly de-listed with no explanation. No sale. No LOI. Just dead.