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Buying & Selling a Business

What should I do if a broker won't tell me who's actually looking at my listing?

TSL Written by the Treadstone Law team· Updated August 2026

Start by asking directly, and asking why the answer isn't forthcoming if it isn't. There can be legitimate reasons for some discretion — protecting a prospective buyer's own confidentiality at an early stage, for instance — but as the seller, you're generally entitled to enough information to understand how your listing is actually performing: how many inquiries have come in, how many buyers signed a confidentiality agreement and reviewed materials, and how many have made or are close to making an offer.

A broker who's vague about all of this, not just a specific buyer's identity, is harder to evaluate than one who gives you real numbers even while protecting individual buyers' privacy where appropriate. If your listing agreement includes reporting obligations — some do — point to that language directly. If it doesn't, this is worth raising as an expectation going forward, since a lack of transparency about activity makes it very difficult to judge whether the broker is actually doing the work you're paying for. A Treadstone business lawyer can review your agreement for any reporting requirements already in place.

Key takeaways

  • You're generally entitled to meaningful activity information, even if individual buyer identities are sometimes protected.
  • Vagueness about overall activity, not just one buyer's name, is the bigger concern.
  • Check whether your listing agreement already includes reporting obligations.
  • Raise transparency expectations explicitly if the agreement is silent on it.
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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