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Q.I'm selling a business, what information should I disclose to a potential buyer?
A.In the beginning only very basic information about your business should be disclosed to a buyer. If the buyer remains interested, you should have the buyer sign a detailed non-disclosure agreement ("NDA") tailored to the specific information you plan to disclouse or are requested to disclose. An NDA can help protect the confidentiality of any information given to a buyer. Once a well prepared NDA is signed, you can then provide the buyer with additional financial and operational information so he or she can make an informed offer. If you accept the buyer's offer, you must then be prepared to part with a significant amount of detailed information during the due diligence process, including customer lists, employee information, tax information, licenses, permits, etc.
small business laws, buy a business, sell a business, buying a business, selling a business, disclosure, disclosures
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