For business owners with big dreams, they want to grow their company to a point to be bought out by their bigger competitor. Every once and a while, you meet success with that competitor showing significant interest in your company. In doing so, they proceed with proper due diligence requiring them to go through your most intimate accounting and books. What if the deal falls through? Even with a confidentiality clause in there, you cannot unlearn something. Believe it or not, some of these companies actually feign interest in a company just to learn more about them, with no intention of doing business at all. There are ways to protect you from instances like these, but you have to accept it is a possibility first – a huge hurdle once founders and owners see themselves on the golf course everyday.
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Post by: Nasir Pasha, Esq.
Managing attorney and co-host of podcast Legally Sound | Smart Business