About This Blog
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Peter Siegel, MBA is a nationally known consultant and author - with over 25 years experience on the topic of selling, buying, and niche financing (the purchase of), small to mid-sized businesses. His clients include: business buyers, business owners/sellers, small business advisors, business brokers, and agents. Mr. Siegel can be reached directly by phone at (925) 830-3447. |
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This Blog contains observations, tips, news, events, and case studies relating to selling or buying a small business. |
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This Blog is ideal for business buyers, business owners, advisors, business brokers & agents. |
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Opinions expressed on this site do not necessarily represent those of USABizMart. |
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Opinions expressed here do not constitute legal advice. Those interested in specific guidance for legal matters should seek competent professional advice. |
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10/9/05
Business Buyer Breaks Confidentiality By Visiting Business!
Yesterday was a challenging day, someone (I wish I knew who) came into my station and told my employees that he was buying the station. He told them that he was going to fire everyone except one person, and that station was listed on the web for $1.8M. I was furious. I had to pull the pictures off of a website (just in case an employee goes to look). That was pure evil on someone's part.
Besides from that I have been working to get my Buyer some additional paperwork I still owe him, and he has working on developing a business plan. We are meeting on Tuesday with one of the Company representatives.
Hopefully by next week will take another huge step forward. Comments & Advice From Peter:This actually happens quite a bit when a potential business buyer visits the business, talks to the employees and doesn't realize the damage (or maybe they do) with the current employees and the business that is being sold. BUYERS - Never, ever visit a business unless you have permission from the owner or broker who is representing the owner. Business buyers can do some pretty unintelligent things that can really screw up a deal. Sellers make sure you have all your potential buyers sign a NDA and be very careful who you give information out to.• Technorati • del.icio.us • Digg It • Furl • ma.gnolia • Spurl • Yahoo MyWeb
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