Hello fellow searchers,
I'm seeking your advice. I've identified a business I'm interested in purchasing and managing. I've already had a conversation with the seller's broker and met with the seller, as well as with a finance company to discuss if the business qualifies for an SBA loan. I'm planning to begin the negotiation process next week. However, I've managed all this independently, without a "buyer broker" on my side. My previous experience with buying or selling businesses was as part of a team in large companies, where we had an array of lawyers and financial advisors.
The business is relatively small, and the process seems straightforward, but as they say, the devil is in the details. So, I would appreciate your advice on a few points:
Is it advisable to request the seller's broker to represent both parties – acting as a broker for the seller and for me, the buyer?
Should I simply prepare the necessary documents for the finance company and engage a lawyer who works with them?
Or is it better to collaborate with an independent broker?
If I go with option 1, is there a potential conflict of interest? And for option 3, is it too late to introduce my broker to the seller? And what is the broker's responsibility for that side?
Your insights would be greatly valued.