Richard Wilson: asking for an NDA before explaining the business
An NDA could appear too early in a conversation, Richard said in his institutional-quality talk. His example involved a group asking for confidentiality before even explaining what it did.
The first explanation was still missing
Richard described difficulty evaluating fit when a group would not give a basic account of its work. He wanted the early conversation to establish what the business was and whether the parties had a reason to continue.
He separately discussed detailed information
He acknowledged that fine print or a data room could require an NDA. The distinction in his talk concerned the stage of the discussion and the information needed at that point.
In Richard C. Wilson's words
"some people are so obsessed with trying to protect what they're doing that they kind of slow down relationships at the beginning" (Richard C. Wilson, recorded Rainmaker Series module)
How to use this
- Prepare a basic business description that can support an initial fit discussion.
- Identify which detailed materials need confidentiality arrangements before sharing them.
Questions and answers
What timing problem did Richard describe?
Requiring an NDA before giving a basic description of the business.
Did he recognize a role for confidentiality agreements?
He recognized that detailed materials could need confidentiality protection.