Standard Buying Sequence in Florida

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by a searcher
in St. Petersburg, FL, USA

1yr ago

Standard Buying Sequence in Florida

So I just submitted an LOI on a deal here in FL and Ive got the Brokers telling me what I think is non-sense and id ,like to get others perspective

my advisors told me the standard process for buying a business is LOI --> due diligence --> renegotiate if necessary--> sign contract and close same day

the broker I'm dealing with tells me I need to submit a contract offer and make a deposit so the seller knows I'm serious. I hold him HELL NO. I have outdated financials and that an LOI should be enough

He is saying a deposit is a normal thing

please let me know your perspectives, especially when dealing with business brokers of florida

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reply by a searcher 1yr ago
from Carnegie Mellon University in Fort Lauderdale, FL, USA

Agree with what has been said above. Some brokers like to pressure buyers. Additionally, brokers always have an extra degree of skepticism for those who are self-funded.

reply by a searcher 1yr ago
from New York University in West Palm Beach, FL, USA

In my experience, particularly in Florida, it is more customary for buyers to demonstrate their financial capability by providing proof of funds rather than submitting an upfront deposit. While a deposit can serve as a sign of serious intent, it isn't a standard requirement in many business acquisition transactions. Ensuring both parties agree on the terms—and having clear documentation on financial readiness—tends to be more effective