Broker won't show monthly financials and seems to be blocking interacting with current owner. How big of a red flag is this?

July 27, 2025
by a searcher from Boston University - Questrom School of Business in Newton, NH, USA
I'm looking at a potential target, it's on the smaller side, but appears largely passive. The P&L looks fine as well. The broker has been slow to respond, although when I do get them on the phone they are forthcoming with info. However, I had to specifically ask for YTD financials, and once I got those, I asked for monthly financials so I could assess any cyclicality. I was told that I had already received everything they had, and I had to submit an LOI if I wanted to see monthlies. That seemed odd, since compiling that info is going to chew up a lot of my diligence timeline. I asked to set something up to speak to the current owner, and after a couple of emails with no response I called the broker directly. He said that the owner was now considering multiple LOIs.....
I went back and looked at the CIM, etc. and I realized that I never even got a name for this company. If I want to put in an LOI I can't even enter language that includes the name of the target or the owner because I don't have it.
I completely understand not wanting to dump every iota of information you have before getting under LOI...but monthly financials and a chat with the owner pre-LOI seems normal. I also don't understand how others have submitted LOIs without even knowing what the name of the company is...Scale of 1-10 how odd is all of this?
from Baruch College in Roslyn Heights, NY, USA
from Clemson University in Raleigh, NC, USA