"Seller Nonpublic information" is collected from sellers to provide prospective buyers with sufficient information to make a decision upon whether or not to make an offer to purchase a business. It is imperative that certain financial, operational and other company information be made available to prospective buyers for them to i) generally inform themselves concerning the nature and operations of the business, ii) determine whether or not they wish to offer to purchase your business, iii) formulate a purchase price they believe is fair, and iv) verify the information they have received about the business provided by the seller. We will not provide any "seller nonpublic information" to any potential buyers who have not executed a confidentiality agreement with us. This confidentiality agreement legally binds that prospective buyer not to divulge or share that information with anyone other than their "financial advisors" (bankers, accountants, attorneys, financial consultants, etc.). Those "financial advisors" are typically bound by codes of ethics of their respective professions with respect to information received. We are not responsible if the prospective buyer does not adhere to the terms of the confidentiality agreement; however, either the seller, ourselves, or both may choose to seek legal remedies against such parties for breach of the confidentiality agreement. "Seller Nonpublic information" may include, but is not always limited to, tax returns, financial statements, information about customers, suppliers, and employees, equipment and other assets of the business, financial analyses, existing and/or transferable commitments of the business, and information about real property used by the business. It is our policy to supply any of this information to a prospective buyer who has executed a confidentiality agreement unless you tell us otherwise in writing that you want certain information you give us to be kept confidential, or unless you withhold that information from us in the first place.
"Buyer Nonpublic information" is also collected from the buyer such as financial liquidity, net worth, past work experience, type of business/industry interested in viewing, etc. This information is gathered on a two page profile document which is provided in addition to the non-disclosure agreement and broker acknowledgement. The financial information is collected from the buyer as part of our filtering process in order to help determine whether the buyer has the minimum financial liquidity with potential lending or semi-liquidity to purchase a business or inquire on a franchise. This is not a qualifaction as a bank or lender will do that. This "Buyer Nonpublic Information" is kept confidential except may be forwarded to the seller of business listings from our office, other contractors of our firm such as franchise consultants, franchisors, etc. The buyer may also be requested for proof of financial information to sellers and lenders as part of due diligence.
The nonpublic information is not verified by our firm. This is up to each prospective party to verify as needed. We will use our best efforts to delete or redact any personal information such as social security numbers, drivers license numbers, etc. if provided for buyer and seller as this is not needed for our process. Information is held on password protected computers or in locked filing cabinets. When the information is no longer required to be stored the information with be destroyed as per normal office policies. Regulating Agencies will be granted access upon their request.
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