Confidentiality in the Business Sale and Why is it so Important
A close up of the tab from a confidential file folder. When you are buying or selling a business confidentiality is one of the most important factors. Now to the novice negotiator, buyer or seller with a lack of experience or understanding of all the things that can go wrong you may find that odd but let me explain. First….the sale of a business is a private matter and the only people who should be involved are those necessary: Buyer, Seller, Broker if there is one, CPA’s , and Legal Counsel . That’s it. No one else has a need to know. As a seller who spends a lot of time with employees, there is often some emotion and misguided feelings of emotion/loyalty borne out of concern for your staff. But I would charge that to be misguided. Here is how sellers should look at the deal: Employees should be focused on their job and job alone. The sale is to be handled by the players hired to manage the transaction. Any tim...