as you would not want your personal financial documents made available to the
public, business owners only want serious buyers to have access to information such as their accounting books and records. Disclosure of such information does not occur until much further into the selling process, depending upon the progress. Even when such information is brought out into the open, the party in question will have signed a non-disclosure agreement.
We here at VR will
provide you with summary information including gross sales, lease information
and cash flow. We will assist you in
drafting an offer based on that information, and protect you by making the offer
contingent on your satisfaction with that data upon full due diligence.
A business offer to
purchase simply says, “If everything I assume about this business proves true,
this is what I am willing to do.” You,
the purchaser, then have the right to proceed, withdraw your offer or make a
new offer based on your investigation. The seller, once he has accepted your offer, must stand by those terms
unless you and you alone choose to alter them.