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Guide5 min readUpdated this week

What you are agreeing to when you sign an NDA

Financials are open on every Revanu listing. The NDA is not about the numbers, it is about everything that identifies the business: customers, suppliers, staff, contracts, and the fact that it is for sale at all.

What is open before you sign

Revenue, earnings, asking price, the valuation range, sector, and location band are public on every listing. You can judge whether a business is worth your time without signing anything. That is deliberate: gating the numbers wastes everyone’s week.

The six clauses

What counts as confidentialEverything shared through the document room, plus the fact that the business is for sale.
What you may doEvaluate the purchase. Share with your accountant, lawyer or lender if they are bound by the same terms.
What you may not doApproach staff, customers or suppliers about the sale, or use what you learn to compete.
How long it lastsTwo years, whether or not you buy. Staff non-solicitation runs 12 months.
What is not coveredAnything already public, anything you already knew, and anything a court orders you to disclose.
If you breach itThe seller can seek an injunction without first proving financial loss.

What signing opens

  • Basic tier immediately: overview, lease summary, staff structure, equipment list.
  • Financial tier immediately if you are verified, otherwise when the seller releases it.
  • Sensitive tier only when the seller chooses, buyer by buyer. Named customers and contracts sit here.

How your signature is recorded

You draw a signature or type your name, and the record prints the name on your account, so it cannot be someone else’s. Your signature, name, timestamp, IP address and a hash of the document are written once to a record neither side can edit. Both parties get a copy.

Every file you open is logged

The seller sees your name and the time you opened each file.

What the seller sees about you

Your name, when you signed, your verification status, and which documents you have opened and how many times. Sellers read repeated views of the customer list as interest, and no views at all as a buyer who has moved on.

If a seller edits the template

Most use the Revanu standard unaltered, and the signing page states so. If a seller changes a clause, the changed text is flagged in red before you sign. Read those and only those.

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Answer
Why are financials open before an NDA?