You have your Due Diligence Checklist, and you are making progress on completing it, but one thing is in the back of your mind. Trust. Do you really trust the other parties involved in the transaction?
Trust, it can’t be bought at the corner store, and it’s best you don’t get into any business transactions without it. In the course of brokering a transaction of a small business, there has been at least one constant factor in a successful transaction. That factor is none other than Trust.
Without trust, a transaction is doomed to failure. This is true for all parties involved, the seller, the buyer, the landlord and the brokers involved.
If you find yourself involved in the process of analyzing a business to buy and you do not trust one of the other parties involved, you should seriously consider pulling the plug. Just make sure that you are not overreacting to a misunderstanding or some other minor incident and developing an exaggerated sense of mistrust. This is something you will have to have an honest assessment of yourself to make sure your trust meter is accurate.
If your trust meter is inaccurate you may get frustrated looking at many business opportunities and passing on potential transactions that were actually good. Having a third party neutral intermediary provides an outside perspective that can help you analyze your transaction. Having been involved in numerous transactions, we can tell you that every transaction is unique with different points to assess and analyze, but the one constant is the trustworthiness of every other party involved. Time is short and moves quickly when attempting to buy a business. We can help you with the process so you can make better informed decisions.