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Speed of Trust When Selling a Business

This last ten days or so have been incredibly interesting. On the previous weekend an email came from a buyer saying he would like to receive all the information on a business I was selling. The buyer was from out of town and planned to arrive on Tuesday with his wife. In fact, he was not only out of town but he was also out of State or to be clearer, per the Google search I just did he was 2,468 miles away or about one and a half days travel by car. When I asked why he was driving so far to see this business he explained he was looking at other businesses on his drive and was adamant that he wanted to get as much information as possible so he could make an informed decision.

My process to sell a business includes using a password protected website. This allows sensitive documents such as financial statements, a lease, photos of the business, a Confidential Business Review and other important documents to be ready to disclose as a buyer and their advisors move through a transaction. On his drive I would get emails with questions but my replies were simple as I wanted to meet the buyer and make sure they had the ability to buy the business. Additionally, I was concerned the buyer was looking at other businesses and so his chances of buying and relocating to Sacramento seemed so small it made little sense to disclose too much detail.

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