Each time we connect with a business owner thinking about the sale of
their business, we are met with big concerns over confidentiality. The
business owner does not want their competitors to know, or they don’t
want their employees to know; the list of reasons in favor of
confidentiality is lengthy and we don’t disagree with their importance.
It is crucial to keep the pending sale of a business confidential until
after the trade is completed for a number of reasons. One important
reason is we don’t want employees to jump ship. Many people are only
exposed to the massive mergers & acquisitions we hear about on the
news, like Facebook acquiring Instagram. And oftentimes, these news
stories focus on descriptions of restructuring and employees getting
laid off. With this kind of information as a reference point, it is no
wonder most people think a business sale will have negative
consequences.
So when we work with a seller we make sure to
outline the main ways we control the confidentiality of a business sale,
all of which are built into our processes. First, of course, the
business broker is held to the standards of a non-disclosure agreement
with the seller. Second, the business is marketed through blind ads,
which describe the business without giving away any identifying
characteristics. So instead of showing the business name, like
"Stephen’s Cupcakes", the business may be titled "Specialty Bakery in
Littleton, CO."
The next layer of protection is controlling the
professionals who get to learn more about a business. After a business
buyer inquires on a business listing they have to sign an NDA and then
they are given a curated executive summary of the business to learn
more. At this time a Business Broker will pre-qualify the buyer’s
financial capabilities and skill set. If the buyer is still interested
after being pre-qualified, they get to meet in person with the business
broker. It is not until after this first meeting that they will have a
chance to meet the seller in person or take a tour of the business.
As you can tell, there are a number of checkpoints throughout the sales
process that make sure that valuable business information is only
exposed to qualified and truly interested buyers. To learn more about
how Transworld manages confidentiality during the business sale process,
we invite you to visit our website for more information.
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