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WSO Free Modeling Series - Now Open Through
May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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+Bonus: Get 27 financial modeling templates in swipe file
We were selling a deal. We had multiple BOVs before making a decision on a broker. One of the brokers was M&M. Once we were making decisions on who to pick, another group from M&M called us and told us not to do business with the other group. Same brokerage, but different teams. They must have found out internally about this BOV. Without even asking about it, they sent us a fee agreement with a fee that was half that of their counterparts. This put such a bad taste in our mouths. We went with another brokerage anyways. Out of courtesy I told the guy I had a relationship with at M&M about this. He was pissed, but not surprised.
On another instance, I had a broker reach out about marketing one of our deals off-market. I knew his team and boss. There was no exclusive with them, so we let them do it. The only thing he asked was that we don't discuss this deal with his team because he has to split the commission. He even had a separate LLC for his "company" to pay commission to if he successfully found another offer.
Needless to say this all puts a bad taste in my mouth. M&M just has a terrible corporate structure that pits themselves against each other. I don't like dealing with sleazeballs. I know there is a lot of this in CRE, but I have no interest with doing business with people like this. It makes us all look bad.
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