What if my broker won’t say who is looking at my listing?

You are the owner, and you need to know how your sale is going. A broker who gives you nothing is making it hard for you to judge their work. A broker who gives you a summary but not every name may be following confidentiality terms they gave a buyer. Those two cases need different responses, so ask which one you are in.

Why a broker may hold names back

BDC says brokers can discreetly approach qualified buyers on a seller’s behalf, and that it is customary for a buyer to sign a confidentiality agreement to pursue discussions. Privacy law may also matter. The Office of the Privacy Commissioner explains that PIPEDA sets ground rules for how private-sector organizations collect, use and disclose personal information in the course of commercial activities, and that it defines personal information as information about an identifiable individual. It also carves out some business contact information collected, used or disclosed solely to communicate with a person in relation to their employment or profession. Ask the broker which reason applies, and where it is written down. How brokers market a business explains where buyer enquiries come from.

Ask for reporting, not necessarily names

Ask for a written report on a set schedule: how many enquiries came in, how many signed confidentiality agreements, which received detailed information and what stage each has reached. Under the Civil Code of Québec, a mandatary must inform the mandator of the stage reached in the performance of the mandate at the mandator’s request or where circumstances warrant it. Whether a brokerage agreement is a mandate is a question for a Québec lawyer.

Where you have a real interest

BDC warns that, depending on a business-for-sale website’s confidentiality procedures, word could get out to employees, customers or suppliers that you are selling. If you are worried that a competitor, supplier or staff member has seen your information, ask the broker directly whether any such party signed a confidentiality agreement or received the profile. If they will not answer, put the question in writing and ask your lawyer what the agreement lets you require.