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
clients 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.
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