Statement Regarding References

From time to time, we receive requests (from potential clients) for references from previous clients whom we have represented either from the position of an acquisition (buyer) or that of a divestiture (seller). While there are prospective clients who place a great deal of value or importance on the issue of references, there exists a problem that far overshadows that particular potential client’s needs.

We have chosen to address this important issue as follows:
The reason that there is no existence of a central, reliable database of financial statistics and characteristics of transactions of the sale of companies (and their original as well as new owners), the sale of which have closed, is, quite simply, singular and simple... It is because of the issue regarding confidentiality. For privacy reasons, rarely is the exiting owner willing to disclose that he or she has sold the company or willing to disclose his or her terms of the sale or, for that matter, any other conditions regarding the sale. A Seller's disclosure of a sale implies the obvious - a cash infusion (which in many cases is sizable). This is clearly private information. Sellers simply want to be left alone and for the participants in the transaction to keep quiet and protect their privacy. It is a request that we strongly respect. The same thing is applicable also for entering company owners. Again, terms and conditions are private and confidential and, outside of the seller, buyer, and any professional representatives involved, the terms and conditions are no one else's business. It is because of this extremely confidential nature of the industry that many experienced intermediaries will not provide references. Like many other seasoned professionals in the industry, we also do not provide references.

Business relationships with our clients (or potential clients) begin and end with extreme privacy / confidentiality. If you are considering a client-representation relationship with us, understand that your relationship with us will be treated exactly like those that we have (or had) with our other clients and that none of our present or future clients will be made aware of any part (terms and/or conditions) of the contractual relationship we have with you. The exception, of course, is the instance in which the subject party is a qualified potential party to a particular transaction in which case, they too, would be contractually bound to confidentiality.

In summary, it is the degree to which we highly regard confidentiality that we, for many years, have not provided references of past or previous buyers, sellers, or owners of companies with which we have been involved. We have made no exceptions and will continue to make no exceptions to this rule.

We will however, be willing to discuss, at the appropriate time, certain characteristics of transactions that we have managed but we cannot disclose private details of a named, particular transaction (or the buyer, seller, or anyone else involved with it).

We look forward to yet another successful transaction by helping you achieve your goal of either divesting or making an acquisition of a company. If you would like pursue a business relationship with us, feel free to contact us.