I have an issue my broker is threatening and harassing me to close on a offer to sell my business and not allowing me to disclose the buyer the real numbers of the business and disclosing to the buyer the eligibility standards to buy the business which has certain minimum prerequisites and requirements because it is a 7-Eleven franchise.
A month ago I signed a right to sell agreement with a business brokerage based in Florida. I had thought that since it was a relatively medium sized brokerage it would have experience but unfortunately this brokerage apparently did not have any knowledge on how to sell franchise businesses. At First they brought in an offer from a buyer who wanted an e2 investor visa. so I advised the broker that 7-eleven only franchises to us citizens and permanent residents and I told him of the fact. This led him into pressuring me to accept the offer eventhough I cannot accept an offer which 7-eleven will not accept! Then the broker had potential buyers come down from New York. The party consisted of four brothers one of whom had verbally said that he had some undocumented money and that is why he needed to invest it as soon as possible. Anyway, this party put forth an offer which did not meet many of our terms and conditions but was at asking price. At this point my father and I had been harrassed by the broker multiple times saying that, if we do not accept this full price offer then we will have a lawsuit on our hand. We told him that will accept the offer if all terms and conditions are met , which we had already communicated to him. Since the listing the business had been rapidly losing sales.we felt that the buyer should be aware of the true sales figures so as to indemnfy us of any misrepresentation and to be fair to the buyer. We wanted the buyer to ask his accountant or attorney to verify all sales and profit/loss figures in the amended offer. I believe that the broker had an issue with disclosing the recent most figures for the business.
According to our franchise agreement,we, as 7-11 franchisees cannot sell our interest in our business to anyone not meeting certain minimum prerequisites and qualifications. For example their credit scores has to be above a certain amount, they need to have proof of income from audited tax returns and they need to have proof of funds among other qualifications. Without this information 7-eleven will not approve a franchisee and we cannot sell to any prospective buyer. Thus I advised the broker of this, and informed him that I will accept the offer as long as the buyer meets these certain prerequisites. If the buyer does not meet these basic qualifications the sale purchase agreement in essence cannot go through because 7-eleven will not approve the buyer and thus I cannot sell. After I had given him all this information the broker started sending fuming texts and emails accusing me of "tanking" the deal and harrasing me with threats of lawsuits and throwing personal insults at my family and I.All the while I was trying to stay calm and trying to explain to him that I want a good professional relationship with him and cannot just accept an offer only on price.The offer needs to meet all the above mentioned qualifications, otherwise I cannot accept the deal and it will not go through as 7-Eleven .
I have a strong suspicion that the broker just wants the signing of sale purchase agreement so he can earn his commission without regard to the true condition of the business he is selling and without regard to whether the transaction will be successfully closed or not. He is pressuring me to close the deal without regard to the true financial condition of the business at present so he can somehow close his sale and earn his commission. I dont know what to do! I will be contacting my state attorney general and will be putting in a conplaint against his real estate license as well. This is just wrong business practice. When I asked him to change the listing financials to those which accurately reflect the condition of the business presently he threatened by crossing the line and insulting me further saying petty things like "I was not born yesterday". He said that he will get the buyer to also sue me as a third party petitioner for all expenses in coming to look at his business if we do not accept his first offer. His threats of lawsuits and personal insults have resulted in much personal angst and mental distress for me and have deterioted the condition of my heart patient father not to mention my pregnant wife who also has been negatively affected by this whole episode. Please help!! I dont know what to do!!! Thank you for your time and in helping me deal with this monster of a broker! Please help we need help this broker has morals and is not reasonable! South East Business Partners Inc and its Principal Bill Russell are one of the most unscrupulous group of people I have ever met. Bill Russell and South East Business Partners are based in Pompano Beach, Fl their website is www.southeastbrokers.com
Review about: Harassing.