No NDA signed
We are selling our business and did not have them sign a NDA and they have all of our financial paperwork. now they are opening the same business. They don’t want ours. How to we go after them to get our financial back..
Sorry to hear this is happening. Yes, we encourage anyone who shares private confidential information with a 3rd party (in your case, a prospective business buyer) to have a signed NDA in place. That way, if the 3rd party violates the terms, you can sue for damages.
However, we’ve not licensed attorneys ourselves. If it were me, I’d go to them and ask them to return the information. Further, I’d contact an attorney to see if you can have a letter drawn up preventing them from using your information. The attorney can also advise you on any other recourse you may have.
Here are online legal firms that may be able to advise you. https://fitsmallbusiness.com/online-legal-services/
Laura, Staff Writer
An NDA is so important when starting a new business and or opening one with another person. I learned the hard way early into my Fashion Design career. I had an entire book of sketches for a new design line that year. I sent it to a lady who owned a business in L.A.
She was interested in buying them and I thought it was for her and her eyes only. She sent it back a few weeks later, not interested but 2 weeks is enough time to copy every page.
That new thing I know I see my designs, on her website a month later. Nothing I could do because I had no NDA in place.