If you are thinking about selling your business, then we probably don’t need to tell you that keeping the fact that your business is for sale under wraps is incredibly important. We call this hush-hush practice in the business market confidentiality, and for many business sellers keeping your sale a secret means the difference between a successful sale and major financial upheaval.

What can happen if confidentiality gets breached? We’ve seen an entire staff – or key members of the staff – immediately quit and take their regular customers with them. We’ve seen contract clients cancel their contracts, vendors pull agreements and even the competition move in for the kill – all things that would be dreadful for your bottom line at the same time you are trying to leverage that bottom line for a good price from buyers.

How does confidentiality get breached? There are basically two ways this happens. One is careless marketing, and as far as this type of breach is concerned, it is 100% preventable. If you hire someone like a real estate agent or a careless business broker to sell you business, you’d better believe the word is going to get out. We see businesses listed on sites like Loopnet or the general MLS, complete with pictures of the business signage that would allow anyone with an internet connection to know your business is for sale. This type of marketing almost always ends in complete disaster and can even be the kiss of death for a business. The other confidentiality breach happens when someone has loose lips, like a seller telling the woman sitting next to him on a plane that his business is for sale – only to learn later she was the wife of his biggest competitor. For the most part (with very careful attention by a good broker in the form of confidentiality discussions with all parties involved) this kind of breach can usually be avoided as well.

How do I prevent disaster and keep my business sale confidential? Hire the right help. We would never post a business somewhere online where anyone could see it. Our business listings are necessarily vague, and are listed on appropriate sites like BizBuySell. We would never post pictures of a business either, especially those with any identifying information in them. What we do instead is put together a comprehensive multi-media marketing package – complete with financial information, photographs, videos (if appropriate), web links and the like – but only give that information to individuals who have fulfilled our confidentiality requirements.

What are our confidentiality requirements? First and foremost, anyone who wants the name and location of your business disclosed must sign the appropriate non-disclosure (NDA) agreements. We also make sure anyone who signs an NDA is properly vetted to ensure they aren’t someone you want kept out of the loop (like current or former employees, for example) and that they are a serious buyer. We also discuss the importance of confidentiality and the repercussions of breaching the NDA with everyone who signs it.

If your broker just answers every webform and email query they receive by automatically shooting back an NDA with no real knowledge of who they are sending it to – is that careless behavior what you want for your business? Hopefully not. Contact us today to find out more about how we can confidentially market your business.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

By Guest Contributor Sabine Weyergraf – www.weyergrafimmigration.com

The Department of State reported on Friday, June 13, 2015 that it is experiencing technical problems which prevent the issuance of visas and passports worldwide. Especially affected are applications submitted on or after June 9, 2015. However, based on the feedback coming from interview attendees, no visas are being issued right now, even if the application was submitted prior to June 9, 2015.

A similar issue occurred last summer. It took about 4 weeks before everything was back to normal.

This delay will certainly create a backlog, considering that over 70,000 visas are issued every day around the world.

If you are in the process of purchasing a business, please be aware that this delay can affect scheduled closings of business transactions. If the foreign buyer is already in the United States with a B1/B2 visa, he or she might consider changing to an E-2 status in the United States. This would provide the security of the business being legally operated by the foreign buyer after the closing. This status is valid for two years; however, this E-2 status is only valid as long as you are in the United States. Thus, traveling outside of the U.S. is not an option. This might be a short-term solution until the Embassies are operating normally and seems to be the most viable option since a change of status can be processed within 15 days.

Sabine Weyergraf is founding partner and New York licensed attorney practicing solely immigration law with Weyergraf Immigration, PA in Sarasota, Florida.

Contact: 941-706-4102,
sabine@weyergrafimmigration.com

This article is provided for general informational purposes and does not constitute legal advice.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

We’ve all heard about the recent major cybersecurity breaches that occurred within the ranks of Sony, Target and the like, but if you are the owner of a small business or someone who is trying to become an entrepreneur – should cybersecurity be of any concern?

The answer is a resounding yes. New statistics should give those who already live in the entrepreneurial world and also those just entering pause. As seen in the 2012 Verizon Data Breach Report, small companies with less than 100 employees account for 71% of all data breaches.

The most common reason for becoming the target of a cybersecurity attack? Opportunity. Just like locking the doors of your car or your home, the digital aspects of your business need to be locked and protected from easy harm. The Verizon report found that victims were chosen simply because they were easy targets, employing little to no data security of any kind – and with intermediate (or even simple) controls, 97% of breaches were avoidable.

You can read more of the Verizon Report here.

How do these breaches happen? Simple mistakes made by business owners or their employees, like clicking on a malicious link in an email – can cause major havoc. Think you don’t have any data anyone would want to steal? Do you keep the personal information of clients on file, like credit card numbers? Do you have proprietary information saved on your laptops or phones? Any sensitive information can become an issue if it ends up in the wrong hands.

I have a small business, and there’s no way I can afford an IT department – what can I do to protect my data? I’m looking at buying a small business – what can I do to ensure my new business doesn’t fall prey to hackers? According to this article from Inc., the best thing you can do is educate yourself and educate your staff on the importance of cybersecurity. If you already own a small business, make staying on top of current threats a priority. If you are looking to buy a business, make cybersecurity education one of the first new things you implement on day one.

What else can I do to keep my data safe? You can outsource your cybersecurity needs. In the article The Big Business Of Hacking Small Business, Leo Shipley of Black Duck Software suggests that by outsourcing your cybersecurity needs, you can protect your data in the same way a very large company does – but without having to hire an IT department.

Are you a small business owner who has never considered the security of your data? Are you looking to buy a business and are curious about what you can do to protect your new investment? Please feel free to leave comments or questions here.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com