Included in the practice for my client buyer is interpreting their interest and capability for purchase; preparing a packet to represent the buyer to potential sellers; identifying prospects and securing their agreement to consider acquisition; investigating the selling firm’s condition and value for purpose of offer; preparing and presenting the offer; negotiating the offer for mutual agreement; formalizing changes in the agreement and ensuring communication to the neutral attorney regarding the various agreements for preparation of final documents and fund exchange; and protecting and representing the buyer’s interests, assuming they are contracted with me for the sale.
If a buyer is not my client, I am responsible to be fair and honest.
I do not interpret seller’s books and records for the benefit of the buyer or recommend operational practices. Nor do I guarantee the buyer’s capabilities for the seller. I am not an accountant or lawyer and thus cannot give the advice of such professionals. However, I consider it my job to recommend legal and accounting expertise and to raise concerns if it occurs to me that such concerns may exist. It is in the best interest of both parties to seek legal and accounting advice.
See the prior blog entries of general broker responsibilities and the one just prior for seller orientation.