• Report: #681863

Complaint Review: Vested Business Brokers

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  • Submitted: Wed, January 12, 2011
  • Updated: Mon, October 10, 2011

  • Reported By: Frank — Long Beach New York U.S.A.
Vested Business Brokers
50 Karl Avenue Smithtown, New York United States of America

Vested Business Brokers Scam with cheaters for sales personnel Smithtown, New York

*REBUTTAL Individual responds: For anyone who is interested please contact me and

*REBUTTAL Individual responds: The Arbitration agreement does NOT expire!!

*REBUTTAL Individual responds: Arbitration part does not expire on their contract!!

*REBUTTAL Owner of company: Response from Vested Business Brokers

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Can you believe these people would lie and cheat!! Well I have seen it first hand. They scammed me into allowing them to sell my business.

After reading that other report about inflation of the books i said let me tell others as well. These guys schooled me as to making my company look far better then it was.

I am ashamed i ever did this but having been taken to lunch and expalined that it is common practice to create bogus numbers I caved and let their greed enter into my life.

Please buyers beware for it is like allowing a lamb to walk into a hungry lion's den.

Have a professional accountant certify their numbers as they state they are not responsible for the figures which is baloney! They extract the numbers with suggestive thinking!

Yes i did sell my business and the poor fool overpaid thanks to these Ali BaBa crew!


This report was posted on Ripoff Report on 01/12/2011 05:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Vested-Business-Brokers/Smithtown-New-York-11787/Vested-Business-Brokers-Scam-with-cheaters-for-sales-personnel-Smithtown-New-York-681863. 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 4Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

For anyone who is interested please contact me and

AUTHOR: - ()

I will show you in balck and white the truth about this company! I signed up with them in 2005 and according to their contact and emails below my contract had expired & I had to sign up with them again and NEVER did! The ONLY report on here that is mine is regarding their arbitration that will NEVER expire. I just saw the owners reply and I figure the public should know the truth!! The ONLY reason I setteled with them was because at that point it would have been cheaper!! I never attended the arbtration figuring I have NOTHING to do with them since my contact had expired!!

Below is sample emails from them!

----- Original Message ----
From: Melvin L. Vaz <mvaz@vestedbb.com>
To: 
Sent: Wednesday, January 9, 2008 9:01:44 AM
Subject: Registration is Reguired to Receive Financial Details & Address of Business Listings

From: Vested Business Brokers, LTD

To:  

Thank you for your recent inquiry about a business I have listed online.  In order for me to provide additional financial information on this listing, you must first sign a Confidentiality Agreement (provided below).  Once you have registered, you will have access to the complete details on any of the businesses we have listed online, including the address.  Please fill in the blanks below, print out the form and fax it to our toll-free fax number: 1-877-735-7505.  Again, thank you for your inquiry and I look forward to working with you in the near future.  

Melvin L. Vaz

Senior Business Broker

VESTED BUSINESS BROKERS, LLC

631-909-1095

877-735-7505 (Toll Free Fax)

mvaz@vestedbb.com

http://www.vestedbb.com

    

Buyer Registration Form

The undersigned (herein "we" or "us") are exploring the possibility of purchasing a business ("Business") based on the terms below.

1.      Authorization:  We hereby authorize Vested Business Brokers, Ltd. (hereinafter "VBB") to act for us in seeking to find an appropriate Business. VBB will provide us with consultations, general advice concerning Businesses for sale, access to VBB's confidential listings of Business and other potentially valuable information and services.  We understand we are responsible to do our own inquiries, investigation, and due diligence.

2.      Agency:  In exchange for such information and services, we agree to respect and utilize VBB solely with respect to any Business to which we are introduced by VBB at any time. 

3.      No Fee For Listed Business:  We have been advised that No Fee shall be payable by us to VBB if the Business acquired is currently or subsequently listed with VBB.

4.    Exclusive Negotiations:  In exchange for VBB's assistance, we agree:

a.       We will not enter into any negotiations for the purchase of any VBB Listed Business or any other businesses to which VBB has introduced us, otherwise than through a representative of VBB.

b.      For a period of two (2) years after we cease to use VBB services, we will not use, or accept the services of any other broker or intermediary with respect to any VBB Listed Business or any other Business to which VBBhas introduced to us.

c.       The undersigned expressly acknowledges that the agency created by this agreement shall not preclude VBBfrom acting as agent for any seller or another prospective purchaser or purchasers, or inhibit VBB from providing listing information to such other prospective purchasers.

5.      Buyer Confidentiality:  In consideration for VBB providing us with sensitive confidential information relating to certain business enterprises which VBB represents or has been retained to offer for sale, we hereby agree with VBB as follows:

a.       We recognize that VBB has contracts executed with its clients providing for fees and/or commissions to be earned by VBB on the sale, or exchange of such Businesses. Therefore, we will not seek to circumvent VBB in any way.  We understand that any breach of this Agreement by us may result in loss, cost, or damage to VBB, and that we will be financially responsible for such loss, cost or damage.  In addition, we agree not to close on any business unless VBB has been paid by the Seller of that business.

b.      We will not disclose to any non-involved third party (parties other than partners, investors, lenders or professional advisors) any of the information provided to us by VBB pertaining to any Business shown or identified to us by VBB.

c.       We will not contact or attempt to contact any of the principals, employees, suppliers, creditors, customers or competitors of such Business except through and with permission of VBB.  Any offers or proposals to purchase any such business or business opportunity will be made and presented to Sellers only by and throughVBB

6.      Buyer Responsibility:  In the event we purchase any business through VBB, we understand that the final responsibility for the purchase decision will be solely ours, and that VBB shall be, in no way, responsible for the representations of the seller, the terms of the purchase contract, the fulfillment of the purchase contract, or any other terms and conditions to be negotiated solely between the Seller and us. 

 7.      Leasing: In the event that we do not purchase any of the businesses listed herein from the business owner, butinstead lease the business from the landlord or any other person who controls the location, then VBB shall be entitled to a leasing commission (minimum leasing commission to VBB is fifteen thousand dollars ($15,000).

8.      Hold Harmless:  We agree to hold VBB and its agents harmless from any misrepresentations made by the seller.

9.      Representation: We understand that VBB is representing the Seller as marketing agents and act solely on their behalf.  For the purpose of representation, VBB shall arrange a meeting between us and the Seller, at which time the Seller will represent and confirm all information, facts and figures directly to us. We further understand that VBB has urged and strongly recommended that we personally verify all information, facts and figures presented to us and that we rely upon our own verification and that of our own legal, tax and financial advisors for professional assistance of that type.

10.  Arbitration:  Any action or dispute between myself and VBB, including issues of arbitrability, shall, at the option of either party, be determined by arbitration administered by the National Arbitration Association, under its Commercial Arbitration Rules, www.natarb.com

11.  I do hereby swear that I am seeking to purchase a business for myself and that I am neither a broker or agent or intermediary.  I understand that the confidential information to which I am requesting access is for my personal use only.  Any breach of confidentiality can and will result in damages to both VBB and the Seller.


----- Original Message ----
From: Syed Ahmed <sahmed@vestedbb.com>
To: 
Sent: Monday, January 28, 2008 8:39:44 AM
Subject: Registration is Reguired to Receive Financial Details & Address of Business Listings

From: Vested Business Brokers, LTD

To: 

Thank you for your recent inquiry about a business I have listed online.  In order for me to provide additional financial information on this listing, you must first sign a Confidentiality Agreement (provided below).  Once you have registered, you will have access to the complete details on any of the businesses we have listed online, including the address.  Please fill in the blanks below, print out the form and fax it to our toll-free fax number: 1-877-735-7505.  Again, thank you for your inquiry and I look forward to working with you in the near future.  

Syed Ahmed 

Senior Business Broker

VESTED BUSINESS BROKERS, LLC

800-223-6995

877-735-7505 (Toll Free Fax)

sahmed@vestedbb.com

http://www.vestedbb.com

Please note that after not being able to get information from them as you see above broker below calls me and I explain to him I am looking to buy a business below, that I was looking at 2 years ago!!! After he hangs up he sends me the listing below:

Steven W. Schaefer
To Me
 
Jan 31, 2008

NOTICE - As per the terms of the Buyer Registration Agreement you had signed,

you are instructed not to introduce yourself to sellers or their employees. 

Look at the location ONLY, then contact me for an appointment with the owners.

 

I recommend that you visit this location and surrounding area to see if it is a good fit. 

Please keep in mind that confidentiality is important to any transaction of this nature. 

Be sure to visit the location as a customer.  Please do not speak with the owners, employees, or customers. 

If you would like to set up an appointment, please let me know and I would be happy to do so.   

 

As per our earlier conversation, please take this e-mail as an introduction to the business below:

 

As part of Vested's corporate policy, once you have visited a location, it's required that you call,

or email me with your feedback on that business, whether you liked it or disliked it.

Failure to comply may result in withholding additional listing location information.

 

Sincerely,
Steven W. Schaefer

Senior Business Broker
Vested Business Brokers, Ltd.
Ph: 631.544.6888

sschaefer@vestedbb.com

Representing Seller

Joe Addeo

Senior Business Broker
Vested Business Brokers, Ltd.
Ph: 631-457-3684
Fx: 1-877-735-7505
jaddeo@vestedbb.com


www.vestedbb.com

Then notice that after I reply to him saying this is the business that I already told him on the phone, he sends me this below after I the fact he already sent me the listing!!! Look at the dates & times!!

Me
To Steven W. Schaefer
 
Feb 1, 2008
Steven this is the one I told you got that was in the market almost 2 years ago.
 

From: Steven W. Schaefer <sschaefer@vestedbb.com>
To: 
Sent: Friday, February 1, 2008 3:22:53 AM
Subject: Please read this e-mail to make sure I get you the right information you requested.

As I'm sure you are aware you have already registered (signed confidentiality agreement) with me as a business buyer in the past.  In the last couple of months we have upgraded our website.  Because you are a registered buyer the new features give me the ability to make sure you are aware of every existing business listing and new business listings you may be interested in.  To enable me to do that correctly, please take a moment to make sure I have the information pertaining to the businesses you may be interested in and that it is up to date and accurate.  To do so simply follow the easy directions below. 

Directions: Go to our website www.myvestedbb.com, log into your "My VestedBB" account by entering the username and password previously assigned to you. Then click "LOGIN".  If you do not have your username and password click the "FORGOT PASSWORD" button on the Log In screen and it will be e-mailed to you or you can contact me.  Once you have logged into your account click the button that is toward the top right hand side of the page that reads "BUYER PROFILE".  When your profile opens up fill in only the information you choose. However, be sure to complete the industry or type of business, the price ranges, the states and counties you are interested in.  Then click the "SUBMIT" button at the bottom of the page.  You must click the "SUBMIT" button to save the information or it will be lost. 

If you have any questions you can contact me vie e-mail at sschaefer@vestedbb.com or call me at 631-544-6888.  If you get my voice mail please leave a detailed message and I will return your call.  Thank you.

Sincerely, 
Steven W. Schaefer
Vested Business Brokers LTD.
Ph. 631-544-6888
Fax 631-269-2760
sschaefer@vestedbb.com
www.vestedbb.com

 

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#2 REBUTTAL Individual responds

The Arbitration agreement does NOT expire!!

AUTHOR: - (USA)

I wanted to purchase this business from the Original owner way before even the New business owner or Vested was in the picture. I have e-mails, copies of listing from the original MLS broker & even e-mails between me and my friend who lives
across the street of the same!!

I had no contract with this company!! My contract had expired already long ago & in fact I had no access to their web site anymore!! I wanted to comparison shop while I was doing due diligence. I went to their site and they told me my contract had expired and I was asked to sign a contract again which I did not!!! Later that day a broker from Vested calls me asking what I was looking for? I told the broker I had found a business Already and in fact I was doing due diligence on it. He asked me where the business was, etc. So me like an idiot told him!! He said I have another business in the same area. I told him but I do NOT want to sign an agreement with you guys again.. He said not to worry just e-mail me asking for this listing #... Which I did... The brokers turns around and sends me the listing of the business which I was doing due
diligence on already. In fact I e-mailed him back stating the same but he Never got back to me!!! The next day he sends me confidentiality agreement!!!?? (I have still all the e-mails as well...) I was never introduced to the business by them!!!

I was introduced to this business by a friend from my previous work that has lived across the street for 40 years!!

My friend who lives across the street told me that looks like the store you were looking at before is back in the market with the new owner!!

Believe it or not I still have all the e-mails and paper works from back then as well. E-mails between me and my friend as well as the print out of the original broker which was through MLS and not Vested!!!

The ONLY reason I settled with them was that at that point it was cheaper for me to settle with them!!
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#3 REBUTTAL Individual responds

Arbitration part does not expire on their contract!!

AUTHOR: - (USA)

I wanted to purchase this business from the Original owner way before even the New business owner or Vested was in the picture. I have e-mails, copies of listing from the original MLS broker & even e-mails between me and my friend who lives across the street from the business!!

I had no contract with this company!! My contract had expired already long ago & in fact I had no access to their web site anymore!! I wanted to comparison shop while I was doing due diligence. I went to their site and they told me my contract had expired and I was asked to sign a contract again which I did not!!! Later that day a broker from Vested calls me asking what I was looking for? I told the broker I had found a business Already and in fact I was doing due diligence on it. He asked me where the business was, etc. So me like an idiot told him!! He said I have another business in the same area. I told him but I do NOT want to sign an agreement with you guys again.. He said not to worry just e-mail me asking for this listing #... Which I did... The sneaky broker turns around and sends me the listing of the business which I was doing due diligence on already!! In fact I e-mailed him back stating the same but he Never got back to me!!! The next day he send me confidentiality agreement!!!?? ( I have still all the e-mails as well..) I was never introduced to the business by them!!! 

I was introduced to this business by a friend from my previous work who has lived across the street for 40 years!!

My friend who lives across the street told me that looks like the store you were looking at before is back in the market with the new owner!!

Believe it or not I still have all the e-mails and paper works from back then as well. Both e-mails between me and my friend as well as the print out of the original broker which was through MLS and not Vested!!!

The ONLY reason I settled with them was that at that point it was cheaper for me to settle with them!!

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#4 REBUTTAL Owner of company

Response from Vested Business Brokers

AUTHOR: Nathan Goldstein - (United States of America)

The complaint stated against Vested Business Brokers has been made by an indiviual who was caught circumventing Vested Business Brokers.  This buyer signed the Vested Buyer registration form with Vested Business Brokers and then made a side deal with the seller who signed the Vested Business Broker Listing Sales Agreement.   When they were caught the situation was  professionally arbitrated through the offices of Kirschenbaum and Kirschenbaum, in Garden City New York. All paperwork is available for review.

Vested Business Brokers was proven to be circumvented through articulate legal documentation.  The record and details of this case are available upon request and will clearly show the strategy used by both buyer and seller to circumvent as well as the proof that was provided by Vested Business Brokers to the arbitrator that resulted in the decision.

 Vested Business Brokers has successfully completed over 1000 transactions over the past decade doing business with honesty and integrity.  All numbers that are reflected by Vested Business Brokers are signed off on by the seller of the business and are the seller's representations of the financials.  

Vested Business Brokers encourages all buyers to engage proffessional accounting services durring due-dilligence and  holds regular classes teaching buyers how to conduct a thorough due-dilligence process at no cost to the buyer as well.

 This individual has chosen to continue to slander Vested Business Brokers by creating many different false scenarios.   I am willing to share all information pertaining to this situation with anyone who would care to have it including e-mails confessing to this situation. 

 The real issue here is the individuals, the buyer and the seller who were caught cheating the broker who worked hard for both of them and all the documentation is available for your review through Vested Business Brokers or Kirschenbaum and Kirschenbaum Law Firm at 516-747-6700.  I am the owner of  of Vested Business Brokers and can be reached directly at 631-265-7300 and welcome any calls pertaining to clarification of this matter.  Thank you for taking the time to read this response.
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