To Whom It May Concern:
This letter is to give my highest recommendation for Loren Schmerler. Loren was crucial in selling my business. He is professional, honest, and direct, and in the end, my business sold for the complete asking price.
Along the way, Loren educated me about the process of selling a business, created a seller friendly contract, and gave me crucial financial advice re: the contract and accounting that my own accountant missed, information which saved me almost $15,000.
Initially I attempted to sell my business on my own. With advice from friends in business and an aggressive approach including ads in numerous national publications, I was certain I would sell it quickly.
Instead I received scores of calls and e-mails and spent a lot of time talking to people who turned out not to be potential candidates, people who had only a passing interest in the business or who were genuinely interested but had no financial backing.
When I decided to pursue a broker, I interviewed several. I found most of them pushy and/or disingenuous. When I spoke to Loren, he was honest about the price range I could expect. He was courteous and professional, and friendly without being overly familiar, which I found refreshing.
As we began talking with prospective buyers, Loren educated me regarding what to expect in terms of our respective roles in the process, how we would work with one another, and how to work with prospective buyers.
If I was skeptical of some of his methods, I quickly came to realize that Loren knew what he was doing. For example, there were times when I felt that Loren was not giving a potential candidate adequate attention; at these times Loren assured me the “potential” candidate was not a
serious buyer. When I disagreed, Loren agreed to give the candidate more attention. In the end, none of the candidates who I thought were serious actually were.
A few examples: A friendly couple who appeared honest and sincere told us they were going to buy the business. The couple disappeared quickly. Another person indicated that the business was exactly what he had been looking for, and then proceeded to ask questions over the next 8 months. He was still asking questions when the business sold.
Another candidate made an insultingly low offer. Yet another couple said what to me sounded like all the right things, and my excitement at the prospect of selling to them grew. As we worked with this couple, it became apparent to Loren that they were problematic. What ensued was an attempt by the couple to divide my loyalties, from Loren to them, which would have greatly undermined my attempt to complete a successful sale.
Loren saw this, but because I could not see it at the time, he agreed, at my insistence, to treat the couple as true potential candidates. Needless to say, as I began to feel manipulated by this couple’s attempts to pit me against my broker, I backed off, and no offer was forthcoming.
When the right buyer came along, Loren seemed to know it. By this time we had had several months’ worth of experience in dealing with prospective buyers. Even so, I told Loren that I was certain he was wrong about this latest candidate. Of course, the business sold to him quickly and for the full asking price.
I highly recommend Loren Schmerler as a broker, and would eagerly give his name to friends and acquaintances seeking to sell a business. Not only will he sell it, he’ll teach you a few things along the way.
CityBooks, Chattanooga, TN