Hello All,
I have recently started to look around to perhaps buy a small business for my family and I, and am new to the game to I have a question.
I saw a listing online of a business that I want to get more information about, so I entered my information on the online form to request more info. and the broker sent me an agreement to sign via email. Essentially, the agreement stated that If I do not purchase the business through this specific broker, I am not allowed to use the services of any other broker for a period of 2 years to purchase the business in question. Nor can I contact the seller directly or engage in any sort of negotiations with any other party other than said broker.
Is this typical of brokers?
I want to inquire about this before I sign the agreement and make a dumb decision to limit my options. I wonder if the business could be listed somewhere else as well.
I have recently started to look around to perhaps buy a small business for my family and I, and am new to the game to I have a question.
I saw a listing online of a business that I want to get more information about, so I entered my information on the online form to request more info. and the broker sent me an agreement to sign via email. Essentially, the agreement stated that If I do not purchase the business through this specific broker, I am not allowed to use the services of any other broker for a period of 2 years to purchase the business in question. Nor can I contact the seller directly or engage in any sort of negotiations with any other party other than said broker.
Is this typical of brokers?
I want to inquire about this before I sign the agreement and make a dumb decision to limit my options. I wonder if the business could be listed somewhere else as well.
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