Confidentiality is the backbone of a successful business sale. When handled correctly, sellers protect their employees, customers, and reputation — and they attract serious, qualified buyers who respect the process. When handled poorly? Deals fall apart, competitors find out, employees panic, and buyers lose trust. Below is a clear breakdown of exactly how confidentiality works , the four-stage process brokers use (Teaser → NDA → CIM → Controlled Showings), and why each step