I owned a mortgage company. When someone sat across from me at closing, they often thought the whole bill was the cost of the loan. The title attorney, title company, title insurance company, insurance people, realtors and their brokers, loan officer, appraiser, home inspector, survey, courthouse fees and taxes were all part of that bill.
Most of them were doing real work. I don't think receiving a fee makes somebody a villain. What I want to understand is when they earn it and whether that lines up with the decision the customer is trying to make.
At a closing table, a lot of people get paid if the sale happens. That doesn't tell you whether the buyer should own that particular house, stay there for two years, or keep renting. Those questions can get crowded out by the work of completing a deal everyone has already started.
You can look at a business purchase the same way. Before you sign for financing, software, or a professional service, find out what each person is being paid to do. Someone paid to complete a transaction may be very good at that job. You still need a way to evaluate whether the transaction makes sense for your business.
This week, take one quote you are considering and mark who gets paid when you sign, who gets paid over time, and who is responsible if it does not work. Put those answers beside the benefit you are being promised before you decide.
My housing episode leaves me with plenty of unresolved questions, especially about government backing and who holds a loss. This part is useful without resolving all of them. You can understand an incentive and still choose to buy. I'd just want it visible while I was making the decision.
Michelle Vaughn
Sponsored by HubSpot and Attio.
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