You've made the big decision to sell. Your books are in order, you've spiffed up the premises. What are you waiting for?
Many sellers get to this threshold and then become concerned about confidentiality. They do not want the news of their decision to reach their customers, competitors, employees, or creditors. After all, they figure, customers may lose confidence in the business and go elsewhere, competitors might use this opportunity to spread rumors, employees might fear for their future security, and creditors might push for earlier payment.
When Selling Your Business Confidentiality is Key
Not all of the above qualms are real; however, when selling a business discretion is essential. Few, if any, transactions have been wrecked due to excessive discretion. A breach of confidentiality, on the other hand, can severely alter the course of the transaction. What can you do to protect yourself from this risk?
Your first step is to look for expert guidance. When Exodus Business Solutions is involved with your sale, we will channel the process to keep the transaction within safely silent bounds. You can expect us to do the following:
1. We Will Qualify the Buyer. Screening potential buyers is one of the most important benefits Exodus can provide for you. Keep in mind that roughly 90 percent of those who respond to business-for-sale ads are either not serious buyers or are not financially qualified. By screening prospects, our specialists will contribute to confidentiality by limiting the exposure of the business to the most promising buyers instead of to the merely curious time-wasters.
2. Appropriate marketing strategies will be used. How can you advertise a business for sale without spreading the news too far? The business marketing specialist, as intermediary, is in an ideal position to do just that. We place advertising and post listings that contain non-specific descriptions of the business. This "blind ad" approach can be phrased to attract interest in the business without revealing its name or exact location.
3. Prepare paperwork designed to promote confidentiality. After screening prospective buyers and assessing the degree of interest and financial qualification, the business marketing professional at Exodus will also require prospects to sign a strictly-worded confidentiality agreement.
4. All Release of Information will be carefully managed. Until a purchase-and-sale agreement has been signed, the business broker can phase the release of information about the business to match the growing evidence of buyer sincerity and trustworthiness.