Matt Fanslow shares a recent interaction with a salesperson that wanted to help in the sale of the business. There were some warning signs, and with a call to an industry peer, Hunt Demarest, Matt stopped what could have been a costly mistake. Watch Episode HERE Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Show Notes:

• Succession plan for Riverside Automotive- Matt buys out the current owner
• Salesman stops into the shop offering consultation work (not automotive based)- consultant comes the next week looking into receipts and paperwork. Tells the owner his accountant is doing a poor job and asks what their ballpark agreement for sale price tag is. Immediately tells the owner it is priced too low and he could write a check for him today for more. Also adds in a scare tactic with IRS and 'gift tax.' Explains his team could get this deal done for around $40,000
• Hunt Demarest- aggressive salespeople will pray on the owner's goals, insecurities and dreams with pressure behind it.
• The importance of valuations from someone that is versed in the automotive industry.
• Seller and buyer have to be on the same page with transparent communication
• What is your relationship with your banker?
• Be mindful of the opinions you are getting and who you are sharing information with

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