Keep the Sale of Your Business Confidential
Tue, 14 April 2009 AEST
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PrintCalifornia Association of Business Brokers
Hottes says that announcing the sale can cause unwanted problems. "Generally speaking, the sale of a business can take up to seven months to close," Hottes stated. "You don't want problems along the way that can delay the process, or even worse, cause a buyer to walk away."
According to Hottes there are four groups that can affect the sale of your business if word gets out:
Employees.
Announcing that you are selling your business can cause problems with employees. They can cause morale problems, ask for wage increases or bonuses to stay on, or start to look for employment elsewhere. This is unfortunate since a hard-working employee can be a valuable asset to your company.
Suppliers.
During the sale process, any number of things could happen that would put a supplier on edge. If a supplier finds out you are selling, they could get nervous and tighten credit limits, put tighter restrictions on your account, or cut off supplying materials.
Customers.
If a customer is aware of the sale, they may hold off on further ordering to see how things develop with the sale. If they are worried about receiving the same quality of service, customers may choose to check out your competition. This could put a dent in your sales - not something a possible buyer wants to see.
Competitors.
If a competitor finds out you are selling they can use that knowledge to their advantage. They can steal key employees, get suppliers to switch and steal customers.
"The best way to keep the sale of your business confidential is to work with a Certified Business Broker," Hottes stated. "A broker knows how to be discrete and understands that confidentiality is key to getting you the best price. Keeping things quite until the deal is closed is the best route for everyone involved." www.cabb.org.
Source: California Association of Business Brokers
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