Enquiring About a Business: NDAs, Information Packs and What Agents Expect

When you enquire about a business for sale, the agent's first job is to protect their client. Staff, customers and competitors usually do not know the business is on the market, and a careless leak can damage it. That is why most agents follow a similar process before sharing the full details. Knowing it in advance helps you get the information you need quickly.

The non-disclosure agreement

For most businesses, and all confidential listings, you will be asked to sign a non-disclosure agreement (NDA) before you receive the name, address and detailed figures. It commits you to keep the information private and only use it to consider the purchase. Read it, but do not be put off: it is standard, and agents will not usually negotiate it for an individual buyer.

Agents often have one NDA covering all their businesses, so once you have signed with an agent, further enquiries with them can be quicker. On Find My Businesses your Finder keeps track of which NDAs you have sent and reminds you to return any you have not.

About you

Expect questions about your experience, how you would fund the purchase, and your timescale. Some agents ask for proof of funds before arranging a viewing. This is not intrusive; sellers are entitled to know that a buyer could complete. A short, clear answer marks you out as serious.

The information pack

Once your NDA is in, the agent will usually send an information pack or memorandum. It typically includes a description of the business, recent figures, staffing, premises and lease details, and the reason for sale. Read it against your brief, and list the questions it raises before you speak to the agent.

Viewings

Viewings are normally arranged through the agent, often outside opening hours or presented as a routine visit so that staff are not alerted. Do not contact the business or its staff directly unless the agent says you can.

Getting a quick reply

• Say which business you are asking about, using the agent's reference.
• Give a phone number as well as an email address.
• Say briefly who you are and how you would fund the purchase.
• Return the NDA promptly.
• Ask specific questions rather than "please send more information".

Every enquiry made on Find My Businesses goes straight to the agent marketing the business and quotes their reference, and their reply comes straight back to you.