When we meet with business owners who are interested in selling their company, one fear is that the news will get out that they are selling their company. Ironically enough the news usually does not leak through the potential buyers or professionals who are hired to assist. It's through the company itself. Documents may be left on the desk of the business owner, faxes will be read by employees, etc that will trigger the employees discussing it amongst themselves and then vendors, brothers, cousins, tennis partners, beauticians, etc.
One funny (sad) story was told to me recently from a friend who was sitting on an airplane. His seat companion was speaking loudly on his cell phone and said, "This is very confidential information..." He proceeded to share with the entire airplane details that should not be shared.
When we discuss this with our clients we guide them on how to answer the question. This will happen almost 100% of the time. The client will be at the country club and someone will say, "I heard you are selling your company?" Too often the response is a very surprised look followed by, "Where did you hear that?! No one is suppose to know!" Instead the response should always be, "Hey, I'm always willing to sell for the right price!"
Posts
