A lot of business sales are to competitors. You want to make sure that as you get closer to having real conversations with them, send a letter of intent that outlines what is appropriate to exchange between parties and what conversations, if any, will be had with employees. Make sure that you are legally protected especially if you are the vendor, as the competitor could potentially look to poach your employees or some of your business. Ensure appropriate paperwork is in place and make sure that you are being mindful of your own interests as you speak with a competitor to ensure that it goes smoothly. However, quite often when we work with a seller, we do find out that they have spoken to competitors in the past who have told the seller to give them a call in the case of a sale.