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by codegeek
3218 days ago
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I had a bad experience dealing with you guys and I hope you can improve your NDA process. You make buyers sign a 2 year NDA. No problem with that except that you claim that the NDA is not specific to one sale but for all sales for the 2 year period. I had signed one already but when I inquired about another company after 1 year had passed, your team tried to force me to sign another NDA and gave the worst excuses when I tried to ask for the reason. Either it is a 2 year NDA or it is not. If you want us to re-sign the NDA after 1 year, say so. Otherwise it is frankly misleading and a lie. |
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The reason we ask for a 2 year NDA is that this is the generally accepted length of time that NDAs are enforceable in all 50 US states. We do ask buyers/investors to re-sign after 1 year so that our sellers are comfortable that there is at least 1 year remaining on all NDAs at the point of us listing a business.
That being said, on some listings sellers request that new 2 year NDAs are signed with all buyers/investors irrespective of how long is left to run on a pre-signed document. This is usually limited to 7 and 8-figure listings.
Sellers and buyers/investors both generally appreciate our strict approach. Making sure that we are operating diligent process when it comes to NDAs and sharing information is important for sellers as well as a new owner of the business.
Happy to jump on a call to discuss further if you would like: https://calendly.com/thomassmale.