I have an off market Body Shop that doesn't want to list, but would sell of he got his asking price. Have a question about contacting other Body Shops in the area.
The guy is doing well. He's just tired of running the shop. If it doesn't sell, he's fine with it and will stay open. If it does sell, he will either close up shop and take a break or move and lease somewhere. 


Of course everyone I talk to will want to know where the location is so they know what competition is going out of business. 


Whats the best way to approach a prospect and be vague enough to see if theyre actually interested or just trying to pump me for info?
[{"id": "gelqlde", "text": "Just make sure you have his written permission to talk to other body shops. \n\nIn that communication ensure that you are covered for this, you will likely find that the other body shop owners know this vendor and may quickly look to cut you out.\n\nYou need protection to get paid.\n\nAlso, does it have any environmental issues?", "replies": [{"id": "gels8k1", "text": "Clean phase 1 last year. \n\nI repped him when he bought the building a few years back and trust him.", "replies": [{"id": "gelssj6", "text": "Okay. Other thing you could do is just have a rolling prospects list that he may sign.\n\nYou keep it up to date and if they are on that list you get paid.", "replies": [], "depth": 3}, {"id": "geltx4m", "text": "Did the phase I do any subsurface work?", "replies": [{"id": "geluhch", "text": "Not performing a phase 2. That shit can get crazy expensive. His lender was OK with the phase 1 and so should the next. It was a body shop before he bought it as well.", "replies": [{"id": "geluujv", "text": "Wild. I used to do phase II's professionally, usually an autobody shop would be an auto-trigger. \n\nDon't expect all lenders to waive that if you find a new buyer ....", "replies": [{"id": "gem185g", "text": "My take too. Shocked a body shop would get a clean phase 1.", "replies": [{"id": "gem2w5i", "text": "At least \\~2 wells and a few soil vapor pins. 1-1.5 days of work.", "replies": [], "depth": 7}], "depth": 6}, {"id": "gembqy6", "text": "I'm shocked as well. I wouldn't buy an auto body shop without a phase 2. Phase 1 basically amounts to doing super google search of\n\"has anyone been caught yet near you\".", "replies": [{"id": "gemc344", "text": "Like what does a clean phase I even mean for an auto body shop lol. No active spills? haha", "replies": [{"id": "gemqy6u", "text": "Precisely that. They send someone out and inspect the property and visually determine theyre not dumping waste into the ground.", "replies": [{"id": "gemtumq", "text": "Right, I have done this work myself. But it's a view of 1 day at the business. \n\n So it's been 5-10+ years without a phase II?", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "gemh7hf", "text": "I know in my market this only files if you find someone who can but cash and is willing to take the liability when they go to sell.\n\nGood luck getting a reliance letter.", "replies": [{"id": "gemr8jt", "text": "Just asked my lender if he would require a phase 2 for a body shop. His response \"depends on the phase 1\"", "replies": [{"id": "gemso6y", "text": "And the lender, and as a broker in good faith a buyer needs to understand that future risk.\n\nEspecially if your agency representation is not clear due to lack of a listing.", "replies": [{"id": "gemua1n", "text": "Of course. Appreciate the info though. I started second guessing myself on it being a near requirement. I've done a body shop deal and many, many auto repair shops and dont remember ever needing a phase 2. We are in Texas so I guess the rules are pretty lax. Probably depends on the lender as well.", "replies": [{"id": "gemvw7w", "text": "Just went through this process in NY State and only required a phase 1. The property was never used for anything else (gas station), no underground tanks and and they do no engine work so minimal oil. As a bonus they were able to supply disposal records and previous environmental inspections.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}, {"id": "gemu2x4", "text": "I would send future buyers to that lender!", "replies": [{"id": "gen1gs9", "text": "Hes my go to. Local branch and works well with newbies.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "gemm7eg", "text": "Famous last words.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gelqphf", "text": "Oh!! See if he wants to do a leaseback, sounds like he's open to getting some cash today and signing a lease. Great way to start unwinding assets while staying in business.", "replies": [{"id": "gelqvkq", "text": "If it sells he will move.", "replies": [{"id": "gelr2b3", "text": "Would he downsize? If he isn't going to scale is business up or down maybe he just wants the cash out and to not have to be a property manager anymore.\n\nLet him lease that space and have someone else deal with any major capital issues.", "replies": [{"id": "gels4gl", "text": "He is well capitalized and not trying to expand. Will be moving to the same footprint. \n\nI've tried to get him to start looking for other space options and his response was \"not till we sell, if nothing is available I'll take a break and wait for the right spot to open up\"", "replies": [{"id": "gelswz7", "text": "This man needs to do a leaseback, build a scenario for him and pitch it.", "replies": [{"id": "gelur2z", "text": "His price is for owner / user and in line with market. Investors in my part of town are looking for 9/10 caps", "replies": [{"id": "geluwbz", "text": "Fair, of the income approach won't hold then ya that's a problem. I think what the other Redditor was saying about how to pitch is should advice as well!", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gelqynu", "text": "You could say, I have a body shop in the \"X\" submarket, and if they are interested, have them sign a CA. The CA will likely have the property address, so they could see the document, not sign it, and know what the address is.\n\nAt the end of the day, no one is going to make a purchase decision without knowing the address. You can further qualify them by asking if they are looking to expand, and tell them you have a number of options. If they are interested, you can share them this option and at least know there is some desire for them to acquire a new location.\n\nAt the end of the day, it's often times a trap when an owner says I'll sell for X price, but if I do not get it then I am good. If they are committed, then have them sign a listing agreement and start quietly marketing the property using the methods described above.\n\nEdit: You can also tell the qualified prospects exactly what the owner told you. Tell them his business is doing fine, he's just tired and would sell for the right price. This would not give them the impression he is struggling. Be wary that the buyers won't go around you if you do not have a commission agreement in place.", "replies": [{"id": "gelrxo1", "text": "Thanks for the reply. I trust the seller as I was his rep when he bought it in 2016.\n\nSince I'm contacting people who are currently leasing to see if they want to own, CAs mighr be tough. Its a small deal, (8,000sf) in my experience most people don't understand them or won't sign them.", "replies": [], "depth": 2}, {"id": "gelsqfc", "text": "Just read your edit. Thats probably the best approach.", "replies": [], "depth": 2}, {"id": "gem5c17", "text": "I'm not a lawyer and do this at your own risk etc but the way I've done this (and I've seen other brokers do it too) is to refer to the advertisement in the NDA.  So the address never is on it at all.  It will just say \"Auto Body Shop in whatever area as advertised on BizBuySell\" or whatever.  \n\nThe only thing this is for is the name and some rev type numbers anyways.  You should have a purchase agreement that deals with this much more specifically before releasing payroll, tax returns, is's etc.  \n\nAlso put me in the \"this is a waste of time\" crowd.  These things are always a huge hassle and sit and tbh I feel stupid calling people and trying to sell them something I can't even tell them the name of and most people think you are stupid for making that call so good luck!", "replies": [{"id": "gem75rd", "text": "You have a point but in the last hour of making 20 or so calls I've picked up 2 looking to buy something and a meet and greet Monday. No call is a waste of time!", "replies": [{"id": "gem82ox", "text": "oh for sure ;) good luck, sounds like you might have discovered some market demand there.  Parlay parlay parlay", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gelu1ra", "text": "Are his books clean? Is he prepared to have them looked at for the past 3-5years?", "replies": [], "depth": 1}, {"id": "geludnj", "text": "If he isn\u2019t willing to sign a fee/listing agreement to allow you to market the property confidentially then you could waste a lot of your time. Business sales are almost always confidential and people sign CA\u2019s all the time and share information. Just have to train your client that it\u2019s a normal way to market business sales. Just go on bizbuysell and show him that all the listings are generally confidential.", "replies": [{"id": "gelv82o", "text": "While I definitely agree with you this is a close contact. I'll be protected.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gem41si", "text": "I would suggest not working on this without an exclusive listing agreement. You won\u2019t control the deal and there\u2019s no commitment from the seller. Also the highest bidder will be owner user SBA borrower. You need to market it far and wide. Also phase 1 over 6 months old is useless to lenders.", "replies": [{"id": "gem6sq1", "text": "Youre 100% correct. I've done deals where a lender wouldn't accept a 1 month old phase 1. They want their vendors to perform the work so they know its correct. But its good info to have in your back pocket.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gemoj51", "text": "You can\u2019t shop it around to other brokers ?", "replies": [{"id": "gemqr2a", "text": "Now why would I do that when I can take all the commish?", "replies": [{"id": "genavzt", "text": "Be vague and throw it on loopnet for some buyers. Boom. Just did that last month", "replies": [{"id": "genf8qn", "text": "I'd prefer to do a direct deal. The municipality  its in slashed COs for body shops and the only way to open a new location is greasing palms or moving in to an existing within 6 months of the previous tenant leaving.", "replies": [{"id": "ger5ftg", "text": "Well said", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gemu68c", "text": "What market is this in? I have a client with a body shop requirement.", "replies": [], "depth": 1}, {"id": "gen04gm", "text": "What market are you in? I may have a buyer for the biz and land.", "replies": [{"id": "gen1d7z", "text": "North East DFW", "replies": [], "depth": 2}], "depth": 1}]