Proof of funds and account info

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by a searcher from Massachusetts Institute of Technology - MIT Sloan School of Management
in West Palm Beach, FL, USA

4mos ago

Proof of funds and account info

A broker is stating that I need to demonstrate proof of funds past the investor letter of support and SBA prequalification letter I've shared with them. They state as follows: "Please ensure the documentation is issued by a verifiable U.S. bank and explicitly lists you as the account holder. You may redact account numbers and other proprietary details as needed." Is this commonplace? If an investor letter of support and pre-qual letter are not enough, should I just move on from this opportunity? Please advise.

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reply by an intermediary 4mos ago
from Illinois State University in Chicago, IL, USA

As others have mentioned, it does happen on occasion, it will 100% eliminate the tire kickers. There are too many searchers these days looking for deals that they are unqualified for and it simply wastes time for sellers. The good news is, you can redact your acct numbers etc. The good news is that you can move on if providing documentation adds complexity for you. Also remember, time kills deals.

reply by an intermediary 4mos ago
from University of Virginia in Metuchen, NJ 08840, USA

Thank you for the tag ^redacted‌. ^redacted‌ In my experience as a buyer first and now a business broker, eventually deal making has very few conventions that everyone abides by. A buyer has to decide what they are comfortable with and how far they are willing to go in pursuit of a deal. The broker's requirements come down to the broker's and seller's requirements, their prior experience with investor prequalification letters, demand for the business, buyer & seller trust, strategic fit between buyer's background and the business, etc.