Don't Sign Yet: 7 questions to answer before you sell your company's records
One page. Keep it next to the offer.
- 1Get each answer in writing.
- 2Send all seven questions in one email.
- 3Tick the box when you have the answer.
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Buyers publish wide ranges and call them estimates.
AskIs this a firm offer or an estimate? Which systems, records and years is it based on?
Slow down ifIt's an "up to" number with a deadline.
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Exclusive means you can't sell the same records to anyone else. Your bank may need to approve it.
AskIs it exclusive? For which records and how long? What's the price without exclusivity?
Slow down ifIt's exclusive and nobody priced that.
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Once an AI learns from your data, it can't really unlearn it.
AskHow long can you and your customers use it? When will you delete the raw data, in writing?
Slow down ifYou see "perpetual" and no deletion date.
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Accounting data is the easy part. Email holds customer files, pricing and personnel matters.
AskList every system, mailbox, folder and year in scope. What's the price without email, chat and customer files?
Slow down ifYou get a "connect your accounts" link instead of a list.
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Most buyers pay after they accept your data, not when you sign.
AskWhat triggers payment? How long do you have to accept, and what happens to data you reject?
Slow down ifThey accept "at their discretion" with no deadline.
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The company on the letter is often a middleman, and whoever introduced you may be paid by the buyer.
AskWho receives the data, including the end buyer, and in which countries? Is anyone paid for introducing us?
Slow down ifNobody will name the end buyer.
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Having it on your server doesn't make it yours, and you'll be asked to promise it is. Keep these out until your attorney clears them:
- Files and specs from customers
- ITAR, export-controlled or CUI work
- Employee and timeclock records
- Email with your lawyer
AskWhat do we have to guarantee, and is our liability capped? Will you accept a scope that leaves those records out?
Slow down ifThey want "all required consents" before anyone sorted the records.
Couldn't tick all seven?
Then you have one buyer's opening number and terms written for the buyer. The fix is a written list of what's out, and a second bid on the same terms. Our records sorter gets you the list.