Buying or Selling a FedEx Route Business? How to Ensure Data Confidentiality
When buying or selling any business, ensuring data confidentiality is of the utmost importance. However, this is especially true when it comes to the sale or purchase of a FedEx route business.
A breach of data at any time during the FedEx sales process can not only give your competitors an advantage if the deal falls through, but you also risk losing or upsetting your current employees who may be unaware of your plans to sell. The following tips will help you make sure all information remains secure and protected from start to finish.
Make sure you have a bilateral non-disclosure agreement (NDA).
This type of agreement mutually protects data and ensures that both parties involved restrict the sharing and use of information that is disclosed during the buying/selling process. This is particularly important at the very start of the sales process, as both parties are evaluating a potential business deal.
Ensure a secure internet connection.
It seems like every month there is a new data breach at some large corporation, but hackers are not just targeting big business. In fact, individuals and small businesses are also frequent targets, even though you may not hear about it on the nightly news. Make sure your home or office internet setup is ironclad: Secure your web browsers, invest in data encryption technology, and use protected email solutions to keep all data secure and prevent a breach.
Establish a security policy.
This might sound silly if you are a corporation of one, but having defined rules and procedures surrounding data protection not only benefits you and your route business, but also your potential buyer. It is not uncommon for interested buyers to request a copy of your security policy before doing business with you. You may even want to hire a security consultant to make sure you are adhering to modern-day best practices.
Make sure your information is backed up automatically.
Data that is stored digitally should be backed up regularly, preferably by an automated system. There are plenty of well-established third-party companies that specialize in setting up safe and secure automated backup systems for business owners and brokers.
Trust your instincts.
High-tech security systems and data protection technology are important, but so is good old fashioned instinct. In general, when buying or selling a business, it is best to only work with people and entities that you trust. If you notice any red flags, do not ignore them. Also, don’t hesitate to do your homework and research any organization you are entrusting with your data. Many times, internal threats come in the form of employee negligence, and you have every right to know who is handling your information.
Work with an established broker you can trust.
The FedEx route sales process is both complex and extensive. For this reason, it benefits both existing contractors and would-be route owners to work with an experienced FedEx brokerage firm. A reliable broker can help to expedite the process by making sure you fulfill the specific requirements at each step to guarantee a smooth and successful sale.
KR Capital is the nation’s leading FedEx brokerage firm, with over $200 million in FedEx route sales. We use a targeted approach to help contractors value, market, buy, and sell FedEx routes with efficiency and ease. Contact us today and let our prominent national presence, reputation, and extensive buyer database work for you.