Beware the Inept Business Broker

By Hoke - Last updated: Friday, July 27, 2012 - Save & Share - One Comment

I recently sat in a disaster of a closing meeting as a paid consultant (not as Broker). The purpose of this meeting was for the buyer, seller and landlord to sign a Lease Assignment and close the deal. Unfortunately, the broker who was to provide the Lease Assignment never showed this complicated three page lawyer prepared document to any of the parties prior to the meeting. Who would sign such a complicated document without their lawyer review? All of the parties objected to the terms of the document and an argument ensued. After three hours of sometimes heated discussion, the buyer decided they disliked the landlord on a personal level as someone they could not do business with. The deal imploded. My take on this was the meeting did not need to take place. The Lease Assignment could have been quietly negotiated by the broker to get agreement and signatures from all parties. Then the meeting could have been completely avoided. This should have been an easy deal. But it turned out to be great disappointment and waste of time and expense for all parties involved.

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Posted in Beware Sellers!, Business Brokers, Buyers Beware!, Dealing with Business Brokers • • Top Of Page

One Response to “Beware the Inept Business Broker”

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Time January 26, 2014 at 2:41 pm


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