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hello and thank you for visiting graphene business law if you're new to this channel feel free to click on the red subscribe button down below and give this video a thumbs up here at graphene we regularly post content that is most relevant to entrepreneurs and small business owners and of course we're able to service across ontario being a virtual locker my name is pam matani and i'm the founder and principal lawyer here at graphene today's topic is one that is super important when doing business especially if your business pertains to anything proprietary any special sauce any ip anything of that sort and that is the infamous nda or non-disclosure agreement we hear about india's in hollywood we hear about mdas and the magazines so and so reach this nda and it cost them millions of dollars and they're so almost glamorized that you might be thinking my simple business or my small business doesn't need an nda well first off that's a misconception because your business is never simple regardless of how small it always means something to you it means something to your customers and it's very likely that you're putting a lot of hard work into your business so you should want to protect it no matter the size or how early on you think you are there's always something to protect now with the ndas there's the legal aspect of why mbas are good and there's the common sense or everyday aspect of why you might need an nda first of all nda stands for non-disclosure agreement and there's multiple kinds of ndas there's ndas that protect you as the disclosing party as the party that's sharing information with someone else there's ndas that believe it or not protect the party receiving your information so if you're sharing some special sauce you have better make sure or better the best way to make sure consult lawyers make sure that you are not without even knowing it protecting another party accessing your information and that you're actually protecting yourself now there's also mutual ndas and these can be valuable in a variety of contexts when it comes to the common sense aspect of why we want an nda if you've made it this far in life far enough to click on youtube and search for ndas and be able to process you know information of a legal kind shared on youtube then you've lived long enough to know that people lie and people cheat and people steal and people manipulate and people do all sorts of dishonest and deceitful things what would be different with your business the second you start your business is not the second that the world will start being honest and working all above board okay so all those bad things going on that we see in personal circumstances sometimes they exist in business as well there are people out there that don't want the best for you and your business there are people out there that are looking to take no matter who or what it's from and you and your business might just be the next you know rock in their path but you're still going to get kicked if it's by a bad person so why not take measures to make sure you're as protected as you can be it's common sense to want to be protected by non-disclosure agreement and if you're on the fence about it you should wonder what you're on the fence about if you're on the fence about it because it's this big scary word and if you're not sure if it'll even apply to you chances are not only will apply but that you'll really benefit from it if you're on the fence because of financial reasons i can almost assure you that the money spent on an mda will be well worth it in case things go south and you are spending tens of thousands hundreds of thousands of dollars even millions depending on how proprietary your special sauce is in your business okay so i think the saying is an ounce of prevention is worth a pound of the cure and the same thing goes with ndas and with legal work you know some dollars of preventative work and careful work are worth a lot more or will be you'll they'll come due as a lot more in terms of the legal cure so pursue and seek legal professionals they can help you with an nda and of course here graphene business law were very well versed with non-disclosure agreements now we mentioned what nda means we mentioned who it can protect in terms of parties involved and we covered you know the common the common sense reasons if you will for being protected by an nda however the question remains what specific settings might an nda be best for well one setting that it could be really important is any time you're dealing with intellectual property that you have ip comes in the form of trademarks and patents and copyrights and it can even come in forms outside of that if there's some you know see trade secrets if there's some special sauce secrets whether you're special sauce you know you have a salon it's a kind of scissor you've invented a hair cutting mechanism or haircutting strategy if you're selling a physical good you know the best tasting chocolate bar what makes it the best testing what ingredients what's that secret you're putting into this if you have fashion designs if your small business is a tech business what what are you protecting there there's always something that's making your business tick in day in and day out what is that special sauce and anytime it comes up you should put an nda on it another circumstance is when you're sharing information with employees and this one is a bit of a funny one because we think of employees as insiders well chances are not every employee you've hired has your best interests at heart and not every employee even knows that they could be hurting you by sharing something secret that they've learned in your workplace not every employee knows that right it's not you know to somebody it might be as benign as sharing something really exciting they learned from their boss that day and little do they know that this thing that they've learned from their boss is literally the thing that makes your business tick and that if somebody found out about it your business might not tick as well anymore okay so when sharing confidential information with employees i can't think of a circumstance why not to put an nda in place or why not to put an mda even the second they walk through that door and you sign them as an employee another scenario is with investors okay investors or potential partners when you're there looking at your finances they're also going to be asking again what makes your business tick put an mda on that because somebody could go through the process of reviewing all these documents of yours all the special sauce of yours and never even sign with you and in their head they're thinking well nothing was signed i don't owe you know joe smith anything well how innocent is that on their end and how harmful can it be for you put an nda on it another another scenario and i've got it written down here is when you are receiving services as pertains sensitive information now what does this mean what services could you be receiving if you're the one providing a service if you're in the business of service well if you have a small business chances are there's going to be some computers going on in that business in that physical space or even if you work from home you're likely watching this on some computer that might need servicing from time to time i.t services tech services whatever the case may be protect all of this protect these professionals having access to your books having access to your confidential information having access to your documents in your paperwork protect all of this through the form of ndas another scenario is when you're talking to somebody that might be buying your business right so we mentioned investors those aren't people that are buying your business outright we mentioned partners those are certainly not people buying your business outright but there's also people that are interested in buying your business well you might still have very strong reason to want to protect your special sauce even if someone else has purchased the business outright from you including the rights to that special sauce so put an nda on that as well okay again for me as a lawyer the question with ndas is not why to have one it's why would you not want one always you should want to put an nda on it and not just that but a well-drafted nda that protects your interest first and foremost we can go the mutual route if we need to but make sure that in there the focus is protecting you and your special sauce as a business and a business owner okay so i hope that's helpful as to ndas people are depending what you know school of thought you're into not everybody wakes up in the morning wishing and praying for the success of your business some people wake up for the contrary reason and sometimes you just get unlucky by dealing with the wrong people even if they're not evil people given this mix of outsiders and insiders like we mentioned with your employees you should always seek to put an nda on it you'll sleep better at night and you'll surely save a lot of money if things go wrong down the road and you have something to point to that says shouldn't have done that thank you for watching