I hear alot of interesting stories about the selling or buying small to mid-sized businesses and I like to share them with my BizBen blog readers. Chris Krikorian a business broker in Southern California emailed me this story of how a deal was "set back". If you ever wonder what it takes sometimes to close a deal ....
"Last November I got a call from a gentleman who is in the Army but has already served a tour of duty in Iraq. When he came back 2 years ago he started a janitorial company, of which he had a background in.
It was flourishing and growing at a steady pace. Last November he got a call from the Army saying they might need him to go back to Iraq in March so he better get his affairs in order. He called me and we listed his janitorial business. I had a lot of calls and I found a buyer in 1 week. We were in escrow in another week. Everything was perfect until the buyer called me 2 days before the scheduled closing and said that he his father was very sick with cancer and things looked grave.
I offered to delay the closing until things were stable he agreed. A day later he called and said his Dad was doing much better and they decided to go ahead and close the escrow. I asked him if he was sure given the circumstance and he said he was. We closed the escrow. Two days later he called me panicked and said that his Dad very sick and he and his brother were at the hospital nonstop and they couldn't run the business, they want to sell. I said "sell!! are you kidding?" I told them to think about it overnight. The next day they called me to tell me their Dad had passed away but they still wanted to sell because their Dad was a reverend and in their religion they can't work for a month and they have to church every day so we listed the business.
Now I've been working feverishly to find another buyer before the first sellers patience runs out. He has agreed to run the business as if it was never sold until we find a buyer. I just wrote a offer on the business today (after it being on the market 4 business days!) but it's not full price so we are going to see if any other offers come in before the deadline. Stay tuned to see what happens next"¦ "
By the way, if you have a story or experience to share about the selling or buying a business process please email me . . . and share your story and experiences with other readers.
Categories: Selling A Business
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Ranvir S. Sandhu, Esq. - Legal Services For Buyers And Sellers
I've worked at top Bay Area law firms and have extensive experience with business entity formation, mergers, dissolutions, conversions, employment matters, including experience in reviewing and negotiating transactional documents such as leases and purchase agreements.
|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|Diane Boudreau-Tschetter: Escrow And Bulk Sale Services
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area
Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.
|Brad Steinberg, Broker - Laundromat Specialists
PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.
|Mark Chatow, Esq.: Legal Services For Buying, Selling Businesses
Mark has a broad range of small business purchase & sale experience from analyzing potential acquisition targets to successfully guiding buyers and sellers through the purchase & sale of small businesses. Mark can assist with contracts, negotiations, legal matters, etc. Reach Mark at 949-478-8393.
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|Find Out Why 80% Of California Business Buyers Never Find And Buy A Business
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|If You Plan To Offer Seller Financing: 3 Things Owner Sellers Need to Know
When selling your business, offering seller financing is a great way to help your business standout from others on the market and it is also a good strategy to consider that can help you close a sale. Peter Siegel, MBA (BizBen ProSel Program & Financing Expert) explains. Reach him at 866-270-6278.
|What Is The Typical Business Broker Fee For Sellers And Buyers? Who Pays It?
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|Tips For Faster SBA Loan Approvals For California Small Business Purchases
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|How Many Listings Is Too Many For One Broker To Handle? Is It 5? 10? 20?
Peter Siegel, MBA in this Vlog/Podcast discusses how many listings is too many for one business broker to handle at one time. Is it 5 is it 20? I recently had a coaching call with one of my BizBen broker clients who asked that question this week. There are many factors that go into the answer.
|How To Determine Whether The Buyer For Your Business For Sale Is Sincere
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