I am willing to sign NDA's declaring, "thou shalt not share financial or customer activity with ... ", and including an expiration date of 5 years or whatever. Expiration could be forever as far as I am concerned.
In my business as an engineer, I sign routinely sign NDAs. Although the language of these NDAs is usually telling me that I am priveledged to obtain the business sensitive product design information for anything from 2 years to 10 (yeah right). Personnally unless I get stupid and tell that customer that I gave their design to a competitor, I think the NDA is protecting the people I am working with from their own legal department.
@JimBoone You are addressing my concerns. The run by mom & pop is typically the size of B&B that we are looking at. Forgetting my assumptions as to how the deal should go, I think a bank will want the business details if the asking price is significantly above the value of the property. We have ample down payment money, but we are not paying cash for the whole deal ... a bank will be involved and ultimately calling the shots.
I have a NDA sent by a broker that lists several b&bs for sale but the address for any particular one is not on the 1 sheet of paper. Reading what is between the 4 corners of that NDA, we basically are not allowed to even stay at a b&b that they list to ensure that there is no communication with the current owners and ourselves. And, the financial information provided by the seller is not warranted in any way. If I were a skeptical person, I would call it scam-ish..
PsiStar said:
The run by mom & pop is typically the size of B&B that we are looking at.
I think a bank will want the business details if the asking price is significantly above the value of the property.
I have a NDA sent by a broker , we basically are not allowed to even stay at a b&b that they list to ensure that there is no communication with the current owners and ourselves. And, the financial information provided by the seller is not warranted in any way. If I were a skeptical person, I would call it scam-ish.
PsiStar, so that you know, we are a mom and pop motel, 8 rooms, not exactly the same, but more in common with friends here on the forum than the typical larger motel.
Years ago I was looking at a project, had all this lovely paperwork that was put together as part of a program at the local university, generally my bankers comment was show me your experience and details, I don't care about all this fluff, that also addresses the third item, a broker is only interested in making a sale and showing the positive items, I agree with your comment.
As a way of backing in to the third section, I look at what we do as a life choice, I enjoy each day, sure I expect (need) to make a profit, but that is balanced with living my dream, I don't want one day to retire to something else, this is what I enjoy doing.
Guess I'm asking where is your dream, beach, mountains, downtown, rural? If you look out the window each morning had hate what you see, you may as well keep being an engineer. My suggestion for happiness is to choose your dream, then hit the internet for BnBs for sale, visit the area and the property, does it fit you well? Consider your personal living space too. When you find that place that fits your needs, only then contact the broker (or not).
My choice 30 years ago was a mountain town that was our vacation destination, our eventual purchase was a spot that fit our budget in a different part of the county, it took a while, but meets my desires. Welcome to message me and I'll share more through email if you have an interest.