Experience in capital raising (public and private) and M&A totaling over $25Bn throughout my career.
Key areas of expertise: Capital raising, M&A, valuation, financial modeling
Currently building a unicorn @StudentLoanHero.
Hi there!
This is a standard technique used by the sellers. I'm assuming the business broker wanted you to submit a bid - you should submit a bid to show the other side that you are serious about a transaction (note: a preliminary bid will be non-binding, and will generally include a valuation range). If the seller is satisfied with the range you listed (and you're not worlds apart on valuation), they will then let you look deeper under the hood - during this next round of bidding is when you will generally be able to request full audited financials, etc.
Hope this helps, and let me know if you'd like to chat further!
maximspiegel [at] gmail.com
Finance Financial Modeling Corporate Finance M&A analysis M&A execution