Protecting your trade secrets is essential. Use this “Confidentiality Ladder” to share information safely as buyer interest progresses:

1. Public Listing (No NDA Required)
Safe to share: High‑level revenue/profit ranges, industry, general business model, and broad growth opportunities.
Avoid sharing: Customer names, proprietary code details, exact employee salaries, or anything that reveals your identity prematurely.

2. First Data Drop (After NDA Request)
Share: Detailed P&Ls, traffic or user‑growth charts, and a high‑level summary of your tech stack or inventory.
Goal: Provide enough information for the buyer to evaluate the opportunity and prepare a potential Letter of Intent (LOI).

3. Deep Due Diligence (After LOI / Contract Stage)
Share: Full analytics access, customer lists, sensitive intellectual property, and operational documentation. This level of disclosure should only occur once a deal structure is in place.

💡 Pro‑Tip: If you have one or two key customers representing a large share of revenue, do not reveal their identities until the final stages of due diligence.