Standard Buying Sequence in Florida

by a searcher

1 month ago

So I just submitted an LOI on a deal here in FL and Ive got the Brokers telling me what I think is non-sense and id ,like to get others perspective

my advisors told me the standard process for buying a business is LOI --> due diligence --> renegotiate if necessary--> sign contract and close same day

the broker I'm dealing with tells me I need to submit a contract offer and make a deposit so the seller knows I'm serious. I hold him HELL NO. I have outdated financials and that an LOI should be enough

 He is saying a deposit is a normal  thing

 please let me know your perspectives, especially when dealing with business brokers of florida

1 like
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35 comments

professional from University of Nebraska at Kearney - College of Business and Technology

If you ask the owner to stop actively selling his business while you go through your due diligence and/or secure funding, a deposit is not unreasonable.

1 month ago | like reply | 0 likes

searcher

Brokers are the worst. If you don’t want your business sold, list it with a broker.

1 month ago | like reply | 0 likes

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