Forms and Resources
In selling a business, preserving confidentiality is key.
Sellers shouldn’t allow anyone to know that they are interested in selling their business besides their spouse, their attorney, their CPA and their business broker. If rumors start to circulate that a business might be for sale, these rumors can hurt the value of a business.
The success of any business depends on healthy working relationships with the business’ employees, customers, suppliers, vendors, landlords and with the general community.
Any hint of a possible change in ownership could negatively impact the value of the business, especially if rumors reach the business’ competitors.
VR Aspen strives to maintain strict confidentiality until after the closing of the sale of the business. Then when the time is right, it is important to inform key people first that the business has changed hands. People like to be among the first to know, so even when notifying people about the sale of the business it is often best to communicate this information confidentially until enough people have been informed that the information can be considered public.
We use a proprietary Confidential and Non-Disclosure Agreement (NDA) with each potential buyer that protects the business owner from word leaking out that his or her business is for sale.
Our NDA also includes a non-compete clause that protects the business owner from sharing confidential information to a potential buyer only to have that potential buyer decide not to buy the business but to start a competing business instead.