After getting a fax from Principal and contacting them, we were led to believe they could sell our business, if we qualified, which we did, of course. We were sent a very slick Welcome Package.
They sent out a representative to go over everything and sign a contract, which included an $8500 fee for for a third party valuation.
Before signing this, we did do some research and didn't find anything negative about the company at that time.
We did get the Vauation (appraisal) by October of last year, done by Mack Business Appraisals, and received a copy, which was no more than an appraisal done by a local real estate appraiser.
In December '06 I got a call from Alex saying that someone was interested and would contact us. This never happened, and now almost a year later, still no one has contacted us, not even anyone at Principal.
I e-mailed and called yesterday and left a message on their answering machine that if we hadn't heard from them by today, I would add us to the complaint.
Now, I will also ask for a refund, as the contract says a refund is applicable if the seller hasn't been introduced to at least one potential buyer, investor or capital funding source.
0 comments