Treat confidentiality lightly

You’ve decided to sell your business and you can’t wait to tell your friends and family. No problem, right? Wrong. Until a transaction is completed, sharing the news of your pending sale could have serious negative consequences for the value of your business. Competitors will use the information to attack your customer base. Employees will become distracted by their concerns over job security. Your most marketable, and usually most valuable, employees will take matters into their own hands and look for new employment, often with your key competitors. Vendors and suppliers may become concerned about their credit terms. So keep your plans close to the vest until the deal is signed—and then let the world know your good news!

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