Confidentiality should be as important to the buyer as it is the seller. The reasons are mostly the same for each. Confidentiality is important so that the business stays operating the same as when it is listed. Without confidentiality, there is a chance of losing customers, contracts, and employees.

Some customers have been going to the same businesses for years. This may be because they enjoy the owner and the employees. Sometimes a new store can open up that is closer but the customer still goes to your business. This is the best customer to have because of the loyalty. If this customer finds out that the business is for sale, they just might start going to the more convenient store. They do this because they think the new owner is going to change the atmosphere or not be as friendly as the current owner. Also, if you have long time customers that haven’t shopped around for more cost friendly products or services, they may consider doing this when they find out the business is for sale because they don’t feel a need to be loyal to the new owner. If everything is confidential, then the customer will not find out and the new owner can start to build relationships with the previous owner so that things remain similar. This helps keep current customers which helps the new owner. Continue reading “Why Confidentiality Matters” »