Franklin Square, 507 Plum Street, Suite 300
Syracuse, NY 13204
When preparing to sell your business, make sure you require any potential buyer to sign a Non-Disclosure Agreement ("NDA") before disclosing any confidential information. An NDA protects sensitive information like financial records, customer information, intellectual property and other proprietary information (including that you are in discussions to sell your business) from unauthorized disclosure. By requiring potential buyers to sign NDAs, you maintain confidentiality throughout the sale process and preserve the value of your business.
In the event of a breach, the disclosing party may be entitled to monetary damages or injunctive relief to prevent further disclosure.
In addition to the NDA, Sellers should take other precautions to avoid disclosure of Confidential Information, including:
The Scolaro Law Firm handles small business M&A transactions throughout New York State, Vermont, Pennsylvania and Florida. If you are interested in buying/selling a business, please contact Daniel Fetter or the attorney at our firm with whom you work.
This article is intended to be for informational and discussion purposes only and is not to be construed as legal advice or as a legal opinion on which certain actions should or should not be taken.
Phone: (315) 471-8111
Fax: (315) 471-1355
Syracuse Office
Franklin Square
507 Plum Street, Suite 300
Syracuse, NY 13204