I am sure everyone is aware or has seen something about the TV series “Shark Tank”. What I am wondering this morning is if anyone out there notices that during these presentations the sellers and the sharks never exchange tax returns or profit and loss statements. Take note of the questions the sharks ask because it is what makes them what they are…successful.
They ask things like:
1. Gross sales annually?
2. Cost to Manufacture?
3. Retail and Wholesale prices?
4. Scale- ability?
5. Competitors?
These sharks make offers based upon KPI…in essence they get into a deal and then do due diligence……It is the way it is supposed to be done by the way….so to our small business buyers and novice brokers….don’t expect to get proprietary financials prior to a offer and acceptance….its just not “Shark Like”
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