Searchers Beware: Dishonest Buy-Side Advisor - Reposting

searcher profile

October 02, 2025

by a searcher from University of Virginia-Darden - Darden School of Business in Newport Beach, CA, USA

Hi all, I wanted to share an unfortunate experience and encourage all in the community to avoid my mistake. I engaged a buy-side advisor about a year ago. The services were pitched as follows: give us a small deposit ($4K) upfront, and we'll source deals on your behalf. If we find you a winner, you pay a reasonable finder's fee. If we fail to source a winner, you'll be refunded your $4k. Sounds great to me...I executed the contract, but the firm's performance was quite lackluster. I received ~15 emails of potential companies to meet with, 12 of which were far outside of my mandate. Of the 3 owner meetings I joined, they either had little to no interest in selling or were not within my target range. The year engagement came to a close this past September. I reached out regarding my refund. After a few weeks of emails back and forth, the founder informed me that the $4k would simply be 'credited back' to cover a future finder's fee if this firm acted as a buy-side broker for me in the future, per the tricky wording in the contract. This was disingenuous and not at all what was discussed, both in calls and in email content shared at the beginning of our engagement. I've spoken with several folks in the Search community who had similar experiences of grand promises with little to no progress with this group, so I'm certainly not alone, unfortunately. I'll admit: I am at fault for not reading every word diligently in the contract, so that's a lesson learned on my end. I was contacted by this firm after my first post via email, threatening arbitration due to my post. I deleted that post, but I still feel it's important to share a word of warning for the whole community so that others aren't taken advantage of. Please DM me if you'd like more information about the group and its founder. I'm sure there are incredible buy-side advisors and firms out there, but there are some that aim only to take advantage of folks.
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commentor profile
Reply by a searcher
in New Canaan, CT 06840, USA
I messaged you directly on this. I have also had a terrible experience as well with the worlds most shady broker: To get a CIM for a business i found on their site they wanted me to sign a contract guaranteeing them double lehman fee with a minimum payment of $175k from em to them. I asked them what services I would get t=for than and it was bassically forwarding me emails to the buyer! So they were trying to double dip from the seller and buyer but adding zero value to the buyer for their $$. I feel for the seller.
commentor profile
Reply by a searcher
from The University of Chicago in United States
Thanks for sharing, Mick. It’s a good reminder of what can sneak into these buy-side advisor contracts. I got a contract that wanted a fee for any deal I closed during the engagement period, even if it wasn’t sourced through them…
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