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How can you maintain confidentiality and privacy in business valuation communication?

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Business valuation is the process of estimating the economic worth of a company or an asset, based on various methods and assumptions. It is often required for transactions, litigation, taxation, or strategic planning purposes. However, business valuation also involves sensitive and confidential information, such as financial statements, projections, contracts, customer lists, intellectual property, and trade secrets. Therefore, it is essential to maintain confidentiality and privacy in business valuation communication, both internally and externally. Here are some tips on how to do so.

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Dave Sackett

Keynote Speaker on AI for Finance Applications | Forbes Writer | Boston

1 Use appropriate channels

When communicating business valuation results or data, use secure and encrypted channels, such as email, phone, or video conferencing, that are protected by passwords, firewalls, or VPNs. Avoid using public or untrusted networks, devices, or platforms, such as social media, chat apps, or cloud storage, that may expose your information to unauthorized parties or hackers. Also, limit the number of recipients and copies of your communication, and delete or destroy any unnecessary or outdated records.

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2 Sign confidentiality agreements

Before engaging in any business valuation communication, make sure that all parties involved sign a confidentiality agreement or a non-disclosure agreement (NDA). This is a legal document that binds the parties to keep the information confidential and not to disclose it to anyone else without permission. The agreement should specify the scope, duration, and purpose of the communication, as well as the consequences of breaching the agreement. You should also review the agreement periodically and update it as needed.

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3 Apply professional standards

As a financial manager, you should follow the professional standards and ethical principles of your industry and organization when conducting and communicating business valuation. For example, you should comply with the standards of the American Institute of Certified Public Accountants (AICPA), the National Association of Certified Valuators and Analysts (NACVA), or the International Valuation Standards Council (IVSC), depending on your certification and jurisdiction. These standards provide guidance on how to perform and report business valuation with integrity, objectivity, competence, and confidentiality.

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Dave Sackett

Keynote Speaker on AI for Finance Applications | Forbes Writer | Boston
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Use the appropriate software tool to keep details confidential and to manage the information from various sources. You will need a good audit trail as this is typically done before a merger or acquisition. One software tool example that comes to mind is Datasite.

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4 Educate your team

One of the key factors in maintaining confidentiality and privacy in business valuation communication is to educate your team members on the importance and best practices of doing so. You should train your team on how to handle and protect sensitive information, how to use secure communication tools and methods, how to identify and report potential risks or breaches, and how to respect the rights and interests of all stakeholders. You should also monitor and evaluate your team's performance and compliance regularly and provide feedback and support.

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5 Seek legal advice

If you encounter any issues or challenges in maintaining confidentiality and privacy in business valuation communication, such as disputes, claims, subpoenas, or investigations, you should seek legal advice from a qualified attorney. An attorney can help you understand your rights and obligations, advise you on how to respond and resolve the situation, and represent you in any legal proceedings. You should also inform your client, employer, or supervisor of the situation and cooperate with them as appropriate.

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6 Be transparent and respectful

Finally, you should be transparent and respectful in your business valuation communication, both internally and externally. You should communicate the purpose, scope, methods, assumptions, limitations, and results of your business valuation clearly and accurately, without misleading or omitting any relevant information. You should also acknowledge the sources of your information, respect the confidentiality and privacy of others, and avoid any conflicts of interest or bias. By doing so, you can enhance your credibility, trust, and reputation as a financial manager.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you maintain confidentiality and privacy in business valuation communication?

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1 Use appropriate channels

2 Sign confidentiality agreements

3 Apply professional standards

4 Educate your team

5 Seek legal advice

6 Be transparent and respectful

7 Here’s what else to consider

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