• Report: #1142557

Complaint Review: Sinclair Business Brokers

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  • Submitted: Tue, April 29, 2014
  • Updated: Tue, April 29, 2014

  • Reported By: anonymous — Sarasota Florida
Sinclair Business Brokers
5602 Marquesas Circle suite #202 Sarasota, FL 342 Sarasota, Florida USA

Sinclair Business Brokers Very unprofessional and dishonest business practices Sarasota Florida

*REBUTTAL Individual responds: This company is being falsely maligned.

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I purchased a business with Sinclair Business Brokers as the broker a few months ago. The transaction is now in litigation, according to some attorneys I've contacted Sinclair did not do the ground work to make sure the business is viable. The business is not financially viable, not only not making money but in fact costing money to keep up and running.

 Now, most small business brokers write a clause in the sales agreement to get them off the hook, however this is simply not good business practice. Small business brokerage is an industry filled with liars, fraudsters, etc. and Sinclair may be smooth enough to have tricked me, but they may be one of the worst in the industry.  My lawyers have advised me that Sinclair does a rush job, giving only 30 days to do due diligence on fairly high value businesses. While this may be an industry standard they could give a person as much time as they needed.  Also, they use tactics such as saying other offers have been made, you should hurry, and worse off all refused to have the closing attorney give me a draft of the closing docs in advance so I could show it to a lawyer I know and trust. 

 

Do not do business with Sinclair Business Brokers in Sarasota. 


This report was posted on Ripoff Report on 04/29/2014 05:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sinclair-Business-Brokers/Sarasota-Florida-34233/Sinclair-Business-Brokers-Very-unprofessional-and-dishonest-business-practices-Sarasota-F-1142557. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

This company is being falsely maligned.

AUTHOR: Plaintiff - (USA)

 

I am the Plaintiff in the referenced litigation, as well as the seller of the business mentioned in the complaint, and will attest that the accusations being made against Sinclair Business Brokers are not true.  (1) The individual complaining had no contractual relationship with SBB.   (2) SBB did in fact conduct background work to confirm the financial information assembled (information that SBB would advertise) was supported by underlying documents.  (3) The business was founded in 1981 and is still operating today.  (4) The complaining individual had ample time to conduct due diligence, and if for any reason he was not satisfied, could have postponed or not closed the sale; and his deposit would have been refunded.  While he claims he only had 30 days to review the records, the largest internet brokerage says 15 days is average time for a small business, 20 days for a larger one.  (5) Email records show this individual received a copy of the closing documents from the closing attorney in advance of the sale.  (6) This individual always had the option of retaining his own attorney, and did not have to proceed with the purchase if he had any reservations whatsoever, about the sale or Sinclair Business Brokers.  This complaint is nothing more than a vindictive act.

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