Business Confidentiality
How TO Maintain Strict Confidentiality in Marketing Businesses For Sale
Confidentiality is extremely important in marketing & buying a business for sale as it can be a very sensitive time to keep a business running smoothly prior to a transition. In dealing with a confidential sale, before I will give any prospect the name, address and financial information of the business for sale I do the following:
1. Screen the Buyer - For me to assist you in looking at any business, I'd like to know: What type of business you are in? What is your scope of experience - have you owned, managed and/or worked in a business and for how long? What kind of business have you been involved with? What size of business have you been involved with, i.e. square footage and number of seats? What kind of business are you looking for? Do you want to buy an ongoing successful operating business or are you just looking for a good location? Who are the decision makers? What is your time frame? What is your source of cash - savings, family loans, bank loans, etc.? When will the cash be available and where is the cash? How is your credit? (FYI,All landlords are going to require the buyers current credit history, personal financial situation and most recent tax returns as well as their resume and business plan).
2. Have the Buyer Sign a Confidentiality Statement - I will need a signed confidentiality statement which says the buyer will keep the information (name, address, financial information, etc.) delivered to him/her confidential. Additionally it's best to act as a regular customer when you go into the business.