Valuation Fraud

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WHAT ARE THE SIGNS THAT THIS IS A SCAM?

Your business is contacted via email or fax and asked if you are interested in selling your business. The sender offers to help you find buyers for your business, and you are asked to pay thousands of dollars upfront to conduct a business valuation to find out how much your company is worth.


HOW CAN SMALL BUSINESSES PROTECT THEMSELVES?

It is unwise to respond to solicitations via e-mail or fax; most legitimate companies do not conduct business this way.

Do your homework – research the company that is offering to help, and speak with other trusted professionals. Check the company out with Better Business Bureau. There are several reputable financial services companies or attorneys that can assist you with business valuation and finding buyers for your company.


HOW TO REPORT IF YOU'VE BEEN A VICTIM

Ohio Attorney General’s office: Immediately contact the Ohio Attorney General’s office (800-282-0515) to report non-service for upfront fees.

Better Business Bureau (BBB): You should also submit a complaint to BBB (513-421-3015 or www.cincinnati.bbb.org) to report the problem and to receive assistance with resolving the dispute.

Internet Crime Complaint Center (IC3): If you believe you are the victim of an Internet crime, you may contact the IC3 at www.ic3.gov. The IC3 is a partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center. Complaints submitted to the IC3 cover an array of cyber crime and fraud schemes.