Selling Your Business? Discover the Importance of Having a Strong Confidentiality Agreement

What is the most important aspect of selling a business? Clearly, there’s nothing more important in the transaction than confidentiality. In this video, Vested Business Brokers owner and CEO, Nathan Goldstein, discusses the importance of confidentiality and how to protect it with a strong confidentiality agreement…

Whether selling your business on your own, or with the assistance of a business broker (as we strongly suggest) you must make sure that you have a strong confidentiality agreement in place.

Why? Because you never know who you’re speaking to. You want to make sure that whoever you are showing your business to can’t turn around, steal your business secrets, and use your business processes and procedures against you. This would be akin to telling the thief the combination of the safe…and you never want to put yourself in that position.

At Vested Business Brokers, we have procedures that every single buyer must follow for confidentiality reasons. We handle it in a very, very professional way. We qualify the buyer, and we make sure that the buyer signs the confidentiality agreement before anything else.

If you’re an entrepreneur, and you’re looking to sell your business, you should definitely be scared or concerned about talking to people without the appropriate confidentiality agreements. And many times on deals that I’ve represented in the past, if the client wants more information about the processes and procedures that are broader than our regular confidentiality agreement, we might ask them to sign a specific confidentiality agreement to get more information relating to that business.

So, here’s the “take home” lesson… Protect your confidentiality with a strong confidentiality agreement.

Give us a call if you need any help – (877) 735-5224.

How Quickly Can You Sell Your Business?

A question we get asked a lot by business owners is, “how long will it take to sell my business?”  In this video I will disclose the three factors that will determine how long it will take to sell any business…

There are a three major components that you really have to address when selling your business.

1) The most important one are your “financials”.

How are you going to prove the revenue and profits of your business? If you have that taken care of, you know what I am talking about and when you have that taken care of are able to prove all the numbers, the revenue, the income of your business and your add backs. Your business is 50% there.

2) The second step is to see if it is priced correctly to the market.

There are many times that we go into a business and the guy or gal wants way more than what the moving market is experiencing at that time. What multiple is your industry selling for at this time in your geographical market? Call us today and will be glad to help you.

3) The third piece is how many buyers are out there?

Many business brokers in the United States cannot answer that question. You ask the Vested broker with a click of a button and he can tell you exactly, based on your category, how many potential buyers we will be talking to when selling your business.

Typically we can get a deal done within 60 to 90 days if all three components are correct. I wish you luck. If you need any help call your local Vested broker at (877) 735-5224.