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How to Sell a Business: Screen Buyers
What is an NDA?
What is a confidentiality agreement?
A confidentiality agreement (also called an “NDA” or non-disclosure agreement) is often signed by potential buyers of a business prior to releasing confidential information to them on your business.
How do I use a confidentiality agreement or NDA?
It is customary for nearly every business broker to respond to a buyer inquiry with a request for the buyer to sign an NDA.
You must keep in mind, however, that when you are “selling” your business, any obstacles you place in between you and the buyer can minimize the chances of selling your business. Asking them to print, sign and fax your NDA is a potential obstacle. Asking them to complete more than one document is an obstacle.
If you are serious about selling your business, you should respond to the buyer inquiry with a little more information on your business (beyond what is in the ad) with your NDA and a method to contact you if they have questions.
Should I hire a broker?
Many business owners mistakenly think if they hire a broker, they will not have to get involved in the sale at all. This is a common misconception. Regardless of who sells your business, you will still have to be intimately involved during the entire process. With Morgan & Westfield, we give you the best of both worlds: low fees and complete assistance. You can sell your business and minimize fees using our help and assistance. We have helped many clients in the past sell their business for as low as a few hundred dollars.