THE VELD GROUP ARE A BUNCH OF CON ARTIST!! THEY LIE CHEAT AND STEAL FROM BOTH SELLERS AND BUYERS OF BUSINESSES!! LOS ANGELES California

DEAR "WHISKEY" AND "PJ"

I have also had a very horrible experience with the Veld Group;the financials were misrepresented,and were not even close to what they have stated and the financials took very long to receive (AFTER THEY HAD OUR MONEY).I am in the process of suing the Veld Group and the seller.I dont see more complaints for anyone but the Veld Group.IF THEY ARE SUCH A GOOD AND HONEST COMPANY THEN WHY IS EVERYONE POSTING THEYRE NEGATIVE EXPERIENCES.

I CANNOT RELEASE ANYMORE INFORMATION SINCE THIS IS A MATTER FOR THE COURT NOW.

FROM WHAT IT LOOKS LIKE THE VELD GROUP SPENDS HALF OF THEIR DAY RESPONDING AND THINKING OF WAYS TO JUSTIFY THEIR HORRIBLE ACTIONS.ALL I CAN SAY IS WOW.THEY NEED TO BE CLOSED DOWN.

DEAR "WHISKEY" AND "PJ"

I have also had a very horrible experience with the Veld Group;the financials were misrepresented,and were not even close to what they have stated and the financials took very long to receive (AFTER THEY HAD OUR MONEY).I am in the process of suing the Veld Group and the seller.I dont see more complaints for anyone but the Veld Group.IF THEY ARE SUCH A GOOD AND HONEST COMPANY THEN WHY IS EVERYONE POSTING THEYRE NEGATIVE EXPERIENCES.

I CANNOT RELEASE ANYMORE INFORMATION SINCE THIS IS A MATTER FOR THE COURT NOW.

FROM WHAT IT LOOKS LIKE THE VELD GROUP SPENDS HALF OF THEIR DAY RESPONDING AND THINKING OF WAYS TO JUSTIFY THEIR HORRIBLE ACTIONS.ALL I CAN SAY IS WOW.THEY NEED TO BE CLOSED DOWN.

This complaint sounds as though it was initiated by Angela Yuan, or a party closely associated with her, who had attempted to acquire a small cafe through our firm (TVG). To respond to this accusation, it is worthwhile for us to first explain how the business evaluation process typically takes place. The Veld Groups (TVGs) policy is to disclose its clients (the Sellers) summary financial information to a prospective Buyer upon receipt of their executed Non-Disclosure Agreement (NDA) and Buyer Profiles, provided that their profile indicates they are qualified to purchase the business, and potentially qualify for the facility lease. Shall a Sellers business financials not be provided to TVG, or shall the Seller not maintain formal business financials, TVG will make its best effort to report estimates solely based on information provided by its client. The sellers tax returns, bank statements, and other highly confidential documents, on the other hand, are typically only provided to a Buyer upon acceptance of an executed purchase agreement, and the receipt of the agreed upon earnest money deposit by a third party escrow agency.

In this case, our Client did not maintain financial reports for her small restaurant. As a result, when this prospective Buyer insisted on reviewing confidential source material that may illustrate the opportunitys financial performance, TVG did recommend that they submit a formal offer and engage in a due diligence level inspection. If the Buyers offer was accepted, and their due diligence research did not provide satisfactory results, the Buyer could have simply informed escrow of the results prior to the agreed up deadline, cancel the escrow, and have any earnest monies promptly returned.

While it was not initially disclosed, it was subsequently discovered that the Buyer sought to apply for an SBA loan, which may have explained why they were so insistent on obtaining the businesss tax returns in advance of submitting an offer to purchase (SBA loans generally require 3 years of tax returns that demonstrate profitability sufficient to repay the loan, as well as provide a return to support the borrowers personal expenses). The Buyer did not realize that this business, as is the case most small restaurants and bars, would not qualify for an SBA loan due to its lack of sufficient profits indicated on the tax returns.

TVG did disclose to the Buyer that the business had no cash flow, had no financial statements, and explained that these were the reasons why the business was priced lower than competing opportunities with such documents and attributes. It was further explained that restaurants are unique in that even if they do not have positive cash flow, they still maintain quite a lot of value due to their infrastructure, equipment, health permit, beer, wine or liquor license, and oftentimes, facility lease.

While TVG typically represents business Sellers, we do make our best effort to educate Buyers, their brokers and their counsel throughout the acquisition process. As the leading brokerage firm in our industry, we hold that compete transparency is beneficial to all parties, and that the more informed Buyers are the more likely they are to acquire our clients businesses. To this end, TVG encourages Buyers to perform thorough due diligence on any potential acquisition, and engage the appropriate professional to assist them through the acquisition process.

We sympathize with Ms. Yuan, and have since communicated with her about the complaint. While she holds that she did not author it, she does acknowledge that it was likely submitted by one of many parties that she vented her frustration to when she learned that the business she sought was in escrow with an alternate Buyer.

TVG encourages any party that seeks additional information regarding this matter, or any other matter, to contact our office directly at 310.652.8353. We will be happy to provide any information that we can to clarify the components of the business sales process, to elaborate on standard business brokerage protocol, or to share as many details as are available on the 150 opportunities that we typically have on the market at any given time. Shall any party seek to speak to Ms. Yuan directly, we will more than happy to provide them her contact details. Since filing this report, Ms. Yuan has since asked TVG (specifically, Mr. Clark) to assist her and her counsel in identifying another suitable opportunity.

This complaint sounds as though it was initiated by Angela Yuan, or a party closely associated with her. Contrary to what is alleged, TVG did not tell this party that financial information would not be released until the Buyer signed the purchase agreement and provided a down payment because this business did not have any financials. TVG did, however, insist that the Buyer provide a $10,000 good faith deposit when the buyer and her counsel made an offer to purchase this business, as is protocol in any form of a real estate purchase agreement. The Buyer was told that the business had no cash flow, had no financial statements, and was not worth much because this particular business did not have positive cash flow, the seller did not maintain financial statements, and as a result of this and many additional factors, was not worth much. This is why the Seller was asking less than $60,000, when similar ventures with financials and positive cash flow are sold for over $100,000.

The Seller, Buyer, Buyers counsel, and Selling Broker (TVG) were aware of this. As TVG has become Southern Californias top business brokerage firm and has completed hundreds of business sales without complaint or legal action, we encourage any party that questions our credibility to contact us at 310.652.8353 for additional details on any disparaging allegations against us. In any instance when such an accusation is made we will be more than happy to provide an explanation of exactly what transpired, as we believe that is it this level of transparency that has allowed us to maintain the remarkable track record that we have achieved, and has allowed both our Sellers, and any business Buyers that we work with to make informed business decisions.

To further evaluate the validity of this claim, we also recommend that you contact the party that we believe initiated this complaint. We are confident that a short conversation will fully support our position in this matter. We believe this party to be Angela Yuan of Long Beach, California. You may contact us to ascertain her phone number, email address and mailing address.

Please note that while we seek to share as much information as possible on this matter, our ability to do so may necessarily be limited due to the status of any defamation suit brought against this party. At the conclusion of any such case, we will share all of its details to the extent permitted by the adjudicator.

I have the same horror experience as PJ.

Same thing, I asked for financial statements and here's what the broker said to me. The broker, Ryan, tells me that Seller usually don't release financial information until buyer sign the Puchase agreement and give them downpayments ($10K). And because of the questions I asked (advise from SCORE, Wells Fargo SBA lender, and my CPA), I sounded very inexperience. He also tells me, which I find kind of odd, that the seller is not a very organized person, has not filed income tax for awhile and there's no financial statements from the seller.

More interesting, he says that the business has no cash flow and does not worth much. The seller is barely making it and he advise that I should offer less than the seller wants and buy the business as it. I almost feel bad for the seller to have someone like Ryan, who think so little about his client and the client's business, as seller's rep.

My lawyer draft a proposed agreement. Of course, Ryan questions the abilities of the person who draft the agreement, and tells me that he hopes that I'm not paying too much for this attorney because it is a poor drafted document. I thought that was very unprofessional. I would never use The Veld Group if you want someone professional.