Has anyone worked with Peterson Acquisition brokers?

June 20, 2024

by a searcher from University of Virginia-Darden - Darden School of Business in Bethesda, MD, USA

I was looking at one of their business opportunities and their NDA to see beyond the CIM. The NDA has language that says 'you agree to utilize “PA”s documents for the purchase of the business.'

My gut says not to sign this. Thoughts here?

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Reply by a searcher
from The University of Texas at Austin in Austin, TX, USA

Those guys are pompous idiots. The "LOI" they will want you to use literally states "this is legally binding." Of course it's laughable and I always wondered if anyone actually fell for that nonsense. My experience with them was this: got on a seller call for a business that was 100% reliant on new builds. We asked how their business did during the last economic downtown. Immediately the lead broker starts yelling at us, accusing us of not being serious buyers because we were "scared." and then spends the next 15 minutes chastising us. This was on the intro call with the seller. I felt bad for the sellers and what they must be thinking. Here's valuable time to be telling buyers about their company and the broker spends half the time bloviating and acting like a jackass. I also felt bad for the broker representing the deal because he's trying to get a deal done and his boss just inserts himself into the process and basically blows the whole thing up. Of course you can just read the dude's "about me" on his website to see how full of crap he is.

Reply by a searcher
from Harvard University in Scottsdale, AZ, USA

Might be misreading this -- sounds like they want you to commit to using their docs (i.e. the CIM) solely for the purpose of purchasing the business. What they don't want is you using their CIM as free industry research / competitor research. But it is vague. If this means "you commit to using PA's proposed purchase agreement," then I wouldn't sign this. I'd ask them to clarify and amend the language in any case.

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