Keeping Confidentiality – It Works Both Ways

When someone decides to sell their business, they are making one of the most important decisions they will ever make, – usually after having done a lot of planning, worrying and thinking. Selling can be a very unsettling and disturbing process for the owner, as they don’t want to upset staff, suppliers or clients who may leave, and go elsewhere if they find out the business is for sale. Business owners have put a great deal of time and effort into building their business, and they (rightly) need to protect their business from competitors and from potential sabotage. Accordingly, it is essential that we respect the business owner’s right to privacy, and confidentiality. In meeting this requirement there will be certain restrictions and processes that will be adhered to. A genuine and sincere buyer should have no reservations about meeting those requirements. It is probable that any buyer will also require that their enquiry remains confidential as well, and the confidentiality process is designed to work both ways, with both parties obliged to maintain confidentiality throughout the transaction. The challenge with maintaining confidentiality is that often a buyer doesn’t get to meet (or talk to) the staff, suppliers and clients of the business until after the purchase of the business is “unconditional”. If this represents a significant challenge for a buyer then it will be necessary for them to have either a business broker, or a solicitor, arrange for them to meet these parties prior to the contract becoming “unconditional” in an “off premises” situation. Through the proper maintenance of confidentiality each party benefits. Throughout our processes, Benchmark promises to maintain the highest confidentiality when it comes to selling your business. Contact us today to sell your business.