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Buying & Selling a Business

Can I get in trouble for talking to more than one buyer at the same time?

TSL Written by the Treadstone Law team· Updated August 2026

Generally, no — a confidentiality agreement on its own typically restricts what a buyer can do with your information, not your own freedom as the seller to talk to multiple prospective buyers at the same time. Confidentiality and exclusivity are two different commitments, and signing an NDA with one buyer doesn't, by itself, promise them you'll stop talking to anyone else.

Exclusivity is a separate promise, and it's the one that can actually restrict you. It sometimes appears as a standalone clause within a letter of intent, even though most of an LOI's other terms (price, structure) are typically non-binding until a definitive agreement is signed. If you've signed an LOI or any other document containing a "no-shop" or exclusivity clause, that specific provision can be binding even while the rest of the letter isn't, and talking to other buyers during that period could put you in breach. Before assuming you're free to keep talking to everyone, check whether you've signed anything — an NDA, an LOI, or a separate exclusivity letter — that includes this kind of commitment. A Treadstone business lawyer can review what you've already signed.

Key takeaways

  • A confidentiality agreement alone doesn't usually restrict talking to multiple buyers.
  • Exclusivity is a separate, distinct commitment from confidentiality.
  • Exclusivity or "no-shop" clauses in a letter of intent can be binding even when most of the LOI isn't.
  • Check exactly what you've signed before assuming you're free to keep multiple conversations open.
This is general information, not legal advice. It doesn’t create a lawyer–client relationship, and the rules can change. For advice on your situation, a Treadstone business lawyer can help.
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