Virginiaman
New Member
In October of 2014 I signed a NDA/non-circumvent agreement with a business broker. This individual (business broker) indicated that he had information of an "off the market" company that is for sale pending the approval of the buyer and CEO to operate the business by the current owner. The owner of the company passed away and the estate/children have not indicated as to what they are going to do with respect to the disposition of the company.
The NDA agreement states that I can not participate in a transaction with the targeted acquisition company without the approval of the business broker which is to insure that they are compensated for introducing me to the company, which as of now I have only become aware of the company's name and the ownership of the company.
The business broker has not been diligent on getting a sell side agreement or to find equitable funding. I have the funding source in place and have had it since October.
The business broker has not operated in good faith as he told the the owner was just recently in a car accident and is now on a ventilator. The actual accident took place last year and the owner of the company died on December 28th.
I feel that the agreement is no longer valid as the ownership of the company is now in the hands of the executor or the three children and that the broker has not been operating in good faith by NOT moving the process forward and by providing me false information. I believe that he feels that the agreement is now void and does not want me to know that until he can get another agreement in place with the new ownership, if they actually intend to sell, which is a question we do not know.
Does this agreement still hold valid or is it void. It is between me and the broker and does not identify the target company and is rather broad and general in nature. The death is now in the public domain and I am sure the disposition of the company will be in the public domain very soon.
The NDA agreement states that I can not participate in a transaction with the targeted acquisition company without the approval of the business broker which is to insure that they are compensated for introducing me to the company, which as of now I have only become aware of the company's name and the ownership of the company.
The business broker has not been diligent on getting a sell side agreement or to find equitable funding. I have the funding source in place and have had it since October.
The business broker has not operated in good faith as he told the the owner was just recently in a car accident and is now on a ventilator. The actual accident took place last year and the owner of the company died on December 28th.
I feel that the agreement is no longer valid as the ownership of the company is now in the hands of the executor or the three children and that the broker has not been operating in good faith by NOT moving the process forward and by providing me false information. I believe that he feels that the agreement is now void and does not want me to know that until he can get another agreement in place with the new ownership, if they actually intend to sell, which is a question we do not know.
Does this agreement still hold valid or is it void. It is between me and the broker and does not identify the target company and is rather broad and general in nature. The death is now in the public domain and I am sure the disposition of the company will be in the public domain very soon.
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