I went to Florida from Virginia and found a company that I liked that was for sale. I met with the seller at the business location and then the seller and the broker at Starbucks. In the meeting I said "For next steps I'll draft a (binding) LOI and send it to you." They said that was fine. Later I sent the LOI as promised. The broker told me that LOIs were unacceptable and that he wouldn't advise to sign any LOI. He said that in Florida the custom isn't to put businesses under LOI but to immediately draft a purchase agreement. Has anyone else heard of this? Have I just been under a rock in Virginia? Any idea why this man didn't say that to my face when I left my family to go get tea with him and the seller? I'm in the dark here. Any answers that help build perspective will be appreciated.
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Brokers say the darnedest things
Also Florida brokers (at least in my industry) are more aggressive with pricing than any other state.
One my mentors teaches at broker conferences & said Florida has a more Wild West culture than other states.