January 12, 2016
A hospital is coming to look at my practice to possibly acquire. Do I need a non-disclosure in place?
Yes! Do not let anyone in or give access to any records without a non-disclosure in place! And, not just any napkin with the words confidential on it, you need a well drafted and protective non-disclosure, one with terms that do not expire or allow for sharing of your proprietary information without your consent or court order. Any time your information is "out there" you need to have protections in place - this includes with your employees! Hiring people and allowing them to view into your intimates (your financials, etc) is ill-advised, to say the least! Make sure you are properly dressed! Get yourself some protections! For the potential purchaser, a non-disclosure is not recommended, it should be considered required! For your employees, failing to adopt an employee handbook
or office policies addressing confidentiality
(among other things) is just plain snow skiing in your skivvies; there is just no good reason to do so exposed!
For those cost-sensitive, please be aware we are talking about a very straightforward and easy document that takes very little time to review or write. I promise a painless process! Also important, is with the NDA there is usually a term sheet, which should also be provided for review so you do not commit yourself to terms we cannot later unwind.