Literally went through the worst business experience in my LIFE. I want to share this to hopefully give insight on things and hopefully make it to where this does not happen to others.
I was approached by Kevin Petersen from Growth Stack Inc to acquire one of the SaaS platforms I wanted to pass on to another company who can grow it. This was back in September.
We go through all due diligence, he gives me a letter of intent on November 6. In the terms he blatantly blocked me from looking for any other buyer. Exclusivity clause. This was for 28 days
The LOI was expired on December 8, to which Kevin was “still working on things”.
Fast forward to letter of agreement. Drafted and signed that same day. Sent back. They continued DD and gave the go-ahead. The agreement said closure on January 7. Today…
He submitted escrow but kept it at the step before submitting payment. Less than 24 hours ago I got a text saying moving to close.
This morning after following up, no reason given whatsoever he backs out. After three fucking months of back and forth and leading me on even less than 24 hours of close, he fucks me over and backs out for no reason. Watch who you do business with. Complete unethical business practices.
