Selling a Business in Secret
This article will show you the steps to take when selling a business and keeping it secret. It is critical that competitors, employees, and vendors don’t find out about the sale of your company until the transaction has been completed. Selling a small business can be very difficult and costly if the proper steps aren’t followed. Nothing good is gained by letting the general public know that your business is for sale. Your customers may stop doing business with you if they believe the company is for sale. Employees may quit because their employment may be at risk with a new owner. Vendors may modify payment terms or require cash for goods and services. The value of your business can be reduced if word gets out that you’re selling a business.
Tips to Maintain Secrecy When Your Selling a Business
1) Obtain a free e-mail address from Google, Yahoo, MSN or another free mail service. Use this alias for all advertising
2) Do not use the business phone number. You can get a free local number from Google or pay a few bucks for services like www.godaddy.com, www.ringcentral.com, and www.ringboost.com; Or search the web for a provider of your choice.
3) Obtain a post office box in another town instead of the business address. You must be careful with giving out geographical information because you risk people discovering your business is for sale. Avoid being too specific about the business location. You may need to use your county instead of the city if your business is in a small town.
4) Use someone else’s voice on voicemail greetings instead of your voice. A competitor, employee or vendor may call and recognize your voice.
Selling a business has never been easy. Use these tips to maintain confidentiality so you get what your business is really worth.
6) Require a confidentiality agreement be signed by anyone who wishes to learn more about your business
It can be difficult selling a business while maintaining confidentiality, but it is necessary to get the money you deserve from the sale of your business. You may also consider using companies that sell businesses. They are usually listed as business brokers or business intermediaries. They can be helpful but they do charge fees for their services that can go as high as 12% and require a retainer of several thousands of dollars to list your business.