- Report: #695042
Complaint Review: Sunbelt Business Brokers (Atlanta Office) - Atlanta Georgia
Reported By:
Bruce -
Metro Atlanta, Georgia, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Sunbelt Business Brokers (Atlanta Office)
4470 Chamblee-Dunwoody Road; Suite 445 Atlanta, 30338 Georgia, United States of America
Phone:
(770) 936-9099
Web:
http://www.sunbeltatlanta.com
Categories:
Business Rating:
(0)
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Sunbelt Business Brokers (Atlanta Office) Sunbelt ; Ray Boreham Unethical, Corrupt and Unscrupulous Business Practices; Atlanta, Georgia
My experience with the Atlanta office of Sunbelt is very negative. The owner and lead agent for the Atlanta office is Ray Boreham. I approached them to buy a trucking company they had listed and did everything that was asked of me. I completed and submitted a Non-Disclosure Form, a Personal Financial Statement, and a Purchase Agreement for the trucking company. I also hand-delivered a deposit / earnest money check to the office.
Please note, that OTHER BUSINESS BROKERS that I have contacted were more than willing to assist me! I AM A QUALIFIED BUYER.... NOT SOME "WANNABE" OFF THE STREET.
However, Ray Boreham has refused to provide the following agreed upon services:
1. Executed Purchase Agreement (signed by Seller)--- even after receiving an earnest money down payment;
2. Information (financial or operational) to allow any form of due diligence on my part; and
3. Information (financial or operational) to the loan officer / underwriter. The loan officer for Wells Fargo has been requesting the necessary info to make a loan and Ray Boreham refuses to provide any information.
Ray said he did not think the bank would make a loan due to the current banking environment. I mentioned that to the loan officer at Wells Fargo and he said that HE is the banker and that Ray should not be making assumptions for him and Wells Fargo. Ray Boreham also told me that the banker should be able to provide a loan commitment without receiving any information on the business for sale (i.e. tax returns, official financial statements, etc.). When I mentioned that to the loan officer, he just laughed and said that it sounded like Ray had never sold a business in his life!
The whole deal now seems suspect to Wells Fargo due to Ray Boreham refusing to forward the loan officer the information he has requested. I am certain that has sent up all kinds of red flags. At this point, the loan officer at Wells Fargo is becoming highly suspect of Ray’s ability to perform and does not want to get between him and his client.
Ray Boreham still cannot explain why he has not issued an executed Purchase Agreement when he has a deposit and a completed Non-Disclosure Form in his possession.
I subsequently found out that Sunbelt and the seller decided they wanted more money for the business, but did not want to ask me since I might balk and accuse them of bait and switch tactics. They cooked up the revenue and cash flow numbers to justify increasing the price of the business to twice what it had been!
That is just a shame and it is completely unacceptable and unprofessional on Ray's part (a 400-pound Loser). I have never seen anything like it from a business broker. I cannot believe that a Sunbelt office is run by such a worthless, incompetent and unscrupulous person.
I contacted the corporate office to report Ray Boreham and Matt Ottaway, President emailed me and said there is nothing they can do about this overweight loser running amok down in Georgia. Let that be a lesson to anyone wanting to buy or sell a business through Sunbelt. DON’T DO IT!!!
2 Updates & Rebuttals
Bruce
Dacula,Georgia,
USA
Ray Boreham's rebuttal is an outright lie!!
#2Author of original report
Sat, June 11, 2011
In Ray's response he states: "He then advised he intended to purchase this company with a total equity injection of only 4.37%. "
That is an outright lie. Ray is out of his fat mind!! The check I wrote for 4.37% of the asking price was an "Earnest Money Deposit". Anyone knows they can not purchase a business with only 4.37% total equity injection.
Ray is simply trying to make himself seem like an upstanding business man--- what a joke! This guy is a complete LOSER! And anyone who does business with him will certainly agree--- although it would be too late to back out then.......
Bruce
Metro Atlanta
Ray Boreham
Atlanta,Georgia,
United States of America
Sunbelt Business Brokers (Atlanta) Ray Boreham
#3REBUTTAL Owner of company
Wed, May 25, 2011
Considering the language and personal abusive attacks on myself I dont feel that a reply to these claims is warranted. However, for the record, for anyone exposed to Bruces statements please understand:
He did make an offer with a check for a partial down payment subject to proof of funds for the full purchase price of the business. He then advised he intended to purchase this company with a total equity injection of only 4.37%. This was not acceptable and his offer was rejected by the seller. Bruce, mistakenly thought he could get an SBA loan with less than a 5% down payment and that defintely falls outside the SBA guidelines. We facilitate numerous SBA loans for business acquisitions and are very familiar with the SBA policy guidleines as an integral part of our professional service. When advised that his offer was not acceptable he became abusive, accused me of racism and violated the NDA and went behind my back to deal with the seller directly and suggested they could do a deal and eliminate the broker commission. Fortunately the seller is a man of integrity and kept me informed of this attempted activity by Bruce. There is more to this story but he was simply not a qualified or a desirable buyer for this acquisition and thats all I intend to say and will not address this issue any further.
