Seller Beware [THA 304]

Matt Fanslow shares a recent interaction with a salesperson that wanted to help in the sale of the business. There were some warning signs, and with a call to an industry peer, Hunt Demarest, Matt stopped what could have been a costly mistake. Watch Episode <a href="https://www.youtube.com/watch?v=ipQH1DszQjc" target="_blank" rel="noopener">HERE</a> Matt Fanslow, <a href="https://www.riverside-automotive.com/" target="_blank" rel="noopener">Riverside Automotive</a>, Red Wing, MN, <a href="https://mattfanslow.captivate.fm/" target="_blank" rel="noopener">Diagnosing the Aftermarket A to Z Podcast</a> Hunt Demarest, CPA, <a href="https://paarmelis.com/" target="_blank" rel="noopener">Paar Mellis and Associates</a>, <a href="https://huntdemarest.captivate.fm/" target="_blank" rel="noopener">Business by the Numbers Podcast</a> Show Notes: <ul> <li style="font-weight: 400">Succession plan for Riverside Automotive- Matt buys out the current owner</li> <li>Salesman stops into the shop offering consultation work (not automotive based)- consultant comes the next week looking into receipts and paperwork. Tells the owner his accountant is doing a poor job and asks what their ballpark agreement for sale price tag is. Immediately tells the owner it is priced too low and he could write a check for him today for more. Also adds in a scare tactic with IRS and 'gift tax.' Explains his team could get this deal done for around $40,000</li> <li>Hunt Demarest- aggressive salespeople will pray on the owner's goals, insecurities and dreams with pressure behind it.</li> <li>The importance of valuations from someone that is versed in the automotive industry.</li> <li>Seller and buyer have to be on the same page with transparent communication</li> <li>What is your relationship with your banker?</li> <li>Be mindful of the opinions you are getting and who you are sharing information with</li> </ul><br/> <ul> <li style="list-style-type: none"></li> </ul><br/> Connect with the Podcast <a href="http:/