Like others, I entered into a contract with Lyons Group Associates to sell my business. After meeting with a sales representative, providing finanacial information and paying $5K, I was presented with a nicely bound Business Valuation. Although it looked nice, I assumed that the company that put it together entered my numbers into some publishing software and the valutation was produced. That's OK with me.information about my company was placed on their website. I received no contact from Lyons Group for a few months so I called them. There was a small flurry of activity; I received a couple of e-mails that listed a few companies that had supposedly expressed interest (I actually doubt they expessed interest, I feel Lyons Group probably sent my info blind). After a few more months I followed up; Mr. Wang adivised that the valuation was probably too high and I needed to lower my asking price; I did. At the end of the contract I requested in writing to receive a refund, per the agreement, of my $5K. There was another small flurry of activity with and e-mail of a company that had expressed interest. I have received no refund, but did receive a letter from Ms. Clark explaining why I would not receive a refund.in summary, if you do business with this company here's what you'll get:
1) They will provide you with a nicely bound computer generated valuation
2) They will put your information on their website.
3) They probably will not promote your business as they say they will
4) They will send you a few emails saying they have "introduced" you to
prospective buyers (by doing this they feel they've fulfilled their contract)
5) They will send you a letter "introducing" you to Capital Funding Sources.
6) You will not receive your $5K refund. You have been "introduced!
Here's how the contract reads:
(f) The refund is applicable if the seller has not been introduced to at least
one qualified buyer, investor, or capital funding source within (12) months
from the date of this agreement. A qualified entity is defined as those
who represent to Lyons Group Associates that they are interested in the
general type of business, general location and fair market value of
Owner's Business. BEWARE! You can pay one of those internet "Sell your business" sites monthly and get better results for less money.
Angler
U.S.A.
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