Discretion is of the utmost importance in the business brokerage industry. When business owners are looking to sell, they must divulge information about the performance of their business to prospective buyers. However, if this information were to become public it could be damaging. That’s why it’s so important that Transworld business and franchise brokers treat this information with care.
Data protection measures
One way business and franchise brokers can exercise discretion is by implementing basic data protection measures. Storing sensitive documents behind password-protected systems, and ensuring that their computer is protected against hackers is a must when it comes to storing digital files. When entrusted with paper files, storing them behind a locked door in a locked file cabinet is ideal. Not only will these measures help protect the data, clients appreciate the care and sensitivity with which you treat their important information.
Don’t share information with just anyone
Ensure that the parties you decide to share sensitive information with truly need to see it. Don’t share this information with just anyone who appears interested in doing business with your client. Serious buyers are the only people who should be given access to your client’s business information.
Sharing data securely
If you elect to give a potential buyer access to your client’s information, be sure that it is shared securely. If you decide to share data over the internet, consider using a secure file sharing system such as Dropbox rather than using email. This is one way you can guard against potential hackers. Along these lines, only share the information that you must. Sharing extraneous information (data that is not pertinent to prospective buyers) only puts business owners at risk. Be selective about what you choose to share, and who you share it with.
These are just a few ways Transworld’s business and franchise brokers work to share data discreetly. At Transworld, we know that this type of discretion is crucial to the integrity of our business.
If you have experience with data sharing and know a few more tips and tricks to keep data secure, you might have what it takes to become a Transworld franchisee! Reach out to us if you’d like more information in joining our family.