With today’s hyper-connected world and consolidation accelerating in the accounting profession more than ever before, protecting confidentiality during the sale process has become increasingly critical. Even a hint that a firm may be on the market can create uncertainty among staff and clients, making a controlled and strategic approach essential.
Keeping a sale confidential doesn’t mean you are operating in total secrecy, but it means you need to create a controlled environment where only the right people have access to the right data at the right time. Sharing your firm’s information on a “need to know” basis only is key to that protection. Using a Non-Disclosure Agreement (NDA) is the best way to protect yourself in the sales process.
The NDA is an agreement that is a legally binding contract and, if drafted correctly, will provide you with the protection you need. Accounting Biz Brokers require NDAs from all buyers before sharing any confidential information with them. Having a mediator secure an NDA for you affords that protection without the buyer knowing what firm is for sale.
Protecting your confidentiality throughout the process is also important. Reminding buyers of their obligations under the NDA, ensuring they only share or discuss your firm’s firm profile with those covered under that NDA. We may seem over the top about protecting the confidentiality of our sellers, but we are aware of its importance and take very seriously the need for that protection.