Seller Slips Away

December 04, 2024
by a professional in Las Vegas, Nevada, Estados Unidos
Hi, everyone , I wanted to share my almost first Acquisition story with you so hopefully the same thing doesn't happen to you .
Last year I was working on my first Business purchase in Texas, it was a Dumpster roll off business. The business was run by a son and his father who was 30 years in construction , so the dumpsters business was a perfect addition. The sale price was aprx###-###-#### to start. During the process which took about###-###-#### months the business was still growing, however the financials from the previous year were determining the price , and I was trying to get it lower. we agreed on 1.9 and I was excited to make it happen. The banks took there time, and in the end asked me if I had a foreclosure after 4 months of paperwork , and I did. It prevented the loan, in 1 week I found a different bank and they approved it. During the waiting time the seller had a lot of time to look at his growth and profit and in the end, he walked away. I'm not sure if there would have been something in the LOI , or contract that could have prevented him from walking away , but that was a real kick in the Nads. If anyone has some input on how to prevent the slip, Id love to hear it.
Good Luck , Quentin
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