Some businesses like historic landmarks and famous establishments can benefit from announcing publicly that they are for sale. Others, such as your business, need to maintain confidentiality all through. This is because when your clients, employees and suppliers learn that you are selling they might abandon ship for fear of the uncertain future. If they leave, the value of your business will nosedive. It is for this reason that a business broker Lakesidewill do everything in their power to keep the sale a secret until the last minute.
If you are ready to sell, there are a couple of things you may have to do to keep the sale a secret. Here are the key steps you should take to ensure confidentiality when selling your company.
Prepare NDAs in Advance
To keep potential buyers from sharing the information you discuss with them, you need to present them with a non-disclosure agreement (NDA). A business broker Lakeside will be happy to draft for you a foolproof NDA. The broker will also be able to market your business for sale without sharing specific information about its identity. Once buyers sign an NDA, they will be barred by law from sharing any information you share with them.
Use Blind Ads
Another way of keeping the sale confidential is using blind ads. When marketing your business, you must never share your personal contact information or the name of your company when advertising it for sale. Personal information can be revealed after obtaining confidentiality commitments. With a blind ad, you should focus on the strengths of the business and not its name. You also need a separate email account and not your business email. When placing an add using traditional print media, use media-provided P.O. Box.
As aforementioned, a business broker in San Diego is better equipped to market your business without revealing its name. Even after meeting potential buyers, the broker is not in any way associated with your business. Potential buyers will thus not connect the ad with you.
One of the best ways of ensuring the sale never leaks is screening potential buyers. Not every buyer that comes knocking is serious about buying your business. Some are only interested in learning your trade secrets. A business broker Lakeside will be able to screen potential buyers thoroughly and only let qualified buyers through.
Get a Signed Letter of Intent
Disclosing information about your business is something you should do in phases. Even after a buyer signs an NDA, you must never share proprietary information with them. To give additional information, the buyer must demonstrate their purchase ability as well as their intent to make an offer.
There are many more things you should do to ensure the sale remains confidential. Working with a business broker Lakeside is the best option. The broker has sold many businesses similar to yours and will be able to keep the sale confidential and get you the best possible deal.
Business Broker Lakeside