{"id":1818,"date":"2017-07-03T13:56:27","date_gmt":"2017-07-03T18:56:27","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/?p=1818"},"modified":"2023-07-31T13:45:09","modified_gmt":"2023-07-31T13:45:09","slug":"nda-documents-theyre-important","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/nda-documents-theyre-important\/","title":{"rendered":"NDA Documents \u2013 They\u2019re Important"},"content":{"rendered":"

If you respond to one of our listings, be prepared to complete all the documents we send to you.<\/p>\n

When we send out our Non-Disclosure documents to folks who inquire about one of our listings I\u2019m always amazed by how many people who seem to be so interested in buying a business refuse to complete all three documents.\u00a0 Each one of the components of our NDA package is important to doing our job, for both the seller and the buyer.<\/p>\n

Non-Disclosure Agreement<\/strong><\/h3>\n

We\u2019ve attempted to make this document non-threatening.\u00a0 You and your advisors agree not to share the information that\u2019s been provided \u2013 that\u2019s it.\u00a0 The NDA doesn\u2019t bind the individual to our firm in any way.\u00a0 They are free to work with other brokers.\u00a0 We only ask that they keep the information confidential.<\/p>\n

In addition, our NDA includes a paragraph that states, \u201cSunbelt correspondingly will keep all personal and financial information provided by you CONFIDENTIAL and will not release this information without your approval.\u201d<\/p>\n

Buyer Disclosure Acknowledgement<\/strong><\/h3>\n

It\u2019s important to us that a prospective buyer goes into the engagement with their eyes wide open and to understand the role and responsibilities of the broker they are working with.\u00a0 (There are instances where we have a buy-side engagement in place where we\u2019re working for the buyer.\u00a0 However, for the most part, and for this article, let\u2019s assume the inquiry is for one of our seller listings.)<\/p>\n

The Buyer Disclosure Acknowledgement is made up of four paragraphs:<\/p>\n

Agency Disclosure <\/strong><\/h3>\n

As the seller\u2019s agent we have obligations to the seller including the fiduciary duties of loyalty, obedience, disclosure, confidentiality, reasonable care and diligence and accounting in dealing with the seller. In addition, a seller\u2019s agent has affirmative obligations to the Buyer and Seller of honest dealing and disclosure.<\/p>\n

Counsel Disclosure <\/strong><\/h3>\n

Buyers are advised to seek counsel from an attorney, Certified Public Accountant and any other parties necessary to make an informed decision regarding the purchase of any business opportunity bought or sold through Sunbelt Business Advisors.<\/p>\n

Information Disclosure <\/strong><\/h3>\n

We need the buyer to understand and acknowledge that all information and material on each business opportunity provided by Sunbelt has been provided to Sunbelt by the seller of the business. The seller believes that information to be true and accurate; however, accuracy is not guaranteed and it is the responsibility of the buyer and advisors to perform due diligence and test the information for accuracy.<\/p>\n

Risk Disclosure <\/strong><\/h3>\n

Business opportunities by their very nature carry risk. Some of these risks included obsolescence or reduced demand for service or product, regulatory laws, ineffective management, changes in the local or national economic condition, and many others. Due to the risks inherent in business opportunities, a buyer could incur a loss, including but not limited to their entire investment. Buyer acknowledges that they understand these risks and that Sunbelt Business Advisors cannot and does not in any way warrant or guaranty the future vitality or prospects of any business.<\/p>\n

Buyer Questionnaire<\/strong><\/h3>\n

This is the document that prospective buyers are most reluctant to complete, even with the statement in the NDA that we will keep their information confidential too.\u00a0 While I understand their reluctance, we can\u2019t move forward without having this information and here\u2019s why:<\/p>\n

Resume<\/strong><\/h3>\n

It\u2019s important for us to understand the background, experience and skill sets of the buyer and match those to the needs of the business.\u00a0 This exercise is not to discourage buyers, but to make sure they understand the reality of what the business needs to ensure post-close success.<\/p>\n

Snapshot of Financial Situation<\/strong><\/h3>\n

The request for a buyer\u2019s financial overview isn\u2019t idle curiosity.\u00a0 Every day we work with lenders on financing acquisitions.\u00a0 We know what a bank needs; the SBA lending requirements and how to structure a deal.\u00a0 By understanding what capital a buyer has and where they have it, allows us to have a frank discussion of a realistic price point for them to consider.\u00a0 Knowing if there\u2019s a large amount of equity in real estate or investments in a 401K can assist us in making suggestions on how to unlock those assets for a down payment and working capital.\u00a0 At the other end of the spectrum is realizing if there isn\u2019t enough capital to for a specific deal and suggesting other acquisition options.<\/p>\n

We have an obligation to our client to only work with serious, qualified buyers.\u00a0 By completing our NDA package a buyer takes the first step in building the mutual trust necessary to move through the process.\u00a0 If the buyer won\u2019t share any information with us, why then should we share the most confidential information the business owner possesses?<\/p>\n

To paraphrase Jerry Maguire \u2013 Help us to help you, by completing the documents and taking the first step towards buying your business.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you respond to one of our listings, be prepared to complete all the documents we send to you. When we send out our Non-Disclosure documents to folks who inquire about one of our listings I\u2019m always amazed by how many people who seem to be so interested in buying a business refuse to complete […]<\/p>\n","protected":false},"author":51,"featured_media":11737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[3,17],"tags":[22],"class_list":["post-1818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-business","category-general","tag-nda-documents"],"acf":[],"yoast_head":"\nNDA Documents \u2013 They\u2019re Important - Sunbelt of Dayton<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/nda-documents-theyre-important\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NDA Documents \u2013 They\u2019re Important - 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