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By Jennifer M. Novotny and Michael E. Silverman, Attorneys at Law

A typical women entrepreneur invests a tremendous amount of time, effort and money in building a business. That is why it is so important for women entrepreneurs to make sure employees and third parties who work with the business are prohibited from improperly using or disclosing any confidential or proprietary information of the business(e.g. customer lists, trade secrets and financial statements).  Similarly, and in connection with selling a business, it is critical for the owner of the business not to provide any confidential information to a prospective purchaser until that party has signed a well-written confidentiality agreement.
  
Confidentiality agreements are designed to protect one of the most valuable assets of a business— proprietary information. Confidentiality agreements are used for many different purposes (e.g. engaging employees and independent contractors, and negotiating a contract such as a supply and distribution agreement). However, this article focuses on the use of confidentiality agreements in connection with selling a business.

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