Is this standard procedure?
X bought my very small business from me 2 years ago and is now looking to sell.
I have learned that she emailed her contact list to inform them of her intent to sell, and attached a copy of our contract of sale, from when she bought the business from me.
Is this standard protocol? There was no non disclosure clause in our contract.
Thanks for your question. We’re sorry to hear that you have a someone out sharing the details of your contract.
Sharing the details of a contract isn’t typical among people looking to sell a small business – it certainly isn’t professional. However, it does happen – especially among sellers who don’t have non-disclosure agreements that cover their previous agreements.
We have an article on non-disclosure agreements that you can review here: https://fitsmallbusiness.com/non-disclosure-agreement-template/. The article includes a template. If you’d like you can always speak with the buyer of your business to see whether she could be induced to sign an NDA and stop sharing the details of your contract. Otherwise, there’s unfortunately little you can do.
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