I wanted to sell my shop and required professional assistance. For the same reasons, I contacted Capital 1 Business Broker and they ripped me off. I had my reasons and they clearly knew that I was in need. However, they tried to take advantage of that, instead of helping me out.
I am married for 14 years and it was a sudden news that my wife had ovarian cancer. It was diagnosed last year and since then, I have already gone through a lot of reasoning on how to manage money for my wife’s surgery and medical expenses. I thought of putting my savings on this. But, my close ones suggested to sell my ice cream shop that I had owed for quite a while.
My savings were enough to help us survive for a long time and we could have find another way to pay our bills till then. Hence, I took their advice and started searching for buyers. I had few offers, but I was not able to select from among them. When I contacted Capital 1, they asked me to sign an agreement which stated that the brokerage amount would be $12500 or 10% of the selling amount, whichever will be higher.
In a weeks’ time, I started getting offers from the parties that were arranged through Capital 1. However, they all wanted huge discounts on my property. I later realized that Capital 1 had advised them of my situation and had informed them that I was in a hurry and was looking for a quick sale.
It was breach of my privacy and very unethical. Greg, who was incharge of my case through Capital 1, did not seem concerned and was looking to earn quick bucks from the sale. In the meantime, I found a buyer from my contacts who was offering a great price. So, I decided to sell him my shop.
I contacted Capital 1 and asked them to hand over my paper of shop which they had kept with themselves, they started abusing me. Greg, who was polite, became furious and said that it was breach of the contract that I signed with them.
The contract stated that they were eligible for the commission, even if I found a buyer all by myself. I did not have time to go with the legal proceeding as my wife’s health was deteriorating by every passing day. I still tried to convince them for a lesser amount than what was in the contract, but they denied.
He said that he would only return the papers if I paid them their cut. I had no choice and time to take that case to the court. I needed money as fast as possible. So, I paid them for nothing. They did nothing for getting me a buyer and I paid them for it.
I have seen the worse with them and would urge not to fall for their sweet talks. They are bandits and use unethical methods to convert their deal.