Should You Disclose the Sale Price? Pros and Cons
Few questions spark more second-guessing for founders after a deal closes than this one: Should I disclose the sale price? It sounds simple. It isn’t. The decision sits at the intersection of ego, strategy, relationships, legal constraints, and long-term reputation. And the wrong choice—either way—can create consequences that linger far beyond the celebration dinner.
I’ve seen founders regret disclosing the price just as often as I’ve seen founders regret staying silent. That’s why in The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I don’t frame this as a moral or transparency question. I frame it as a leadership decision—one that should be made intentionally, with context, and with a clear understanding of who benefits and who doesn’t.
On the Legacy Advisors Podcast, Ed and I have talked through real scenarios where disclosure reshaped relationships with employees, investors, future buyers, and even competitors. What becomes clear very quickly is this: there is no universally correct answer. There is only the answer that fits your deal, your role, and your future.
Let’s unpack the real pros and cons—without hype, without judgment, and without founder folklore.
Why This Question Even Comes Up
Founders don’t ask whether to disclose the sale price in a vacuum. The question usually surfaces because of pressure from one or more directions:
• Employees asking, “Was it a good deal?”
• Investors wanting validation
• Media requests
• Industry curiosity
• Ego or pride
• Comparisons to other exits
• Fear of being judged
• Fear of looking greedy
• Fear of looking underwhelming
The irony is that the sale price rarely answers the question people think they’re asking.
When someone asks, “What did you sell for?” they’re often really asking:
Was it successful?
Was it worth it?
Did you win?
A number alone almost never provides that context.
The Case for Disclosing the Sale Price
Let’s start with the upside. There are situations where disclosure makes sense—and even works in your favor.
1. Transparency With Investors and Key Stakeholders
In many cases, investors already know the number—or at least the range. Disclosure here isn’t about revealing new information; it’s about clarity and closure.
For founders who want to maintain strong investor relationships for future ventures, openness can reinforce trust. It signals confidence, alignment, and professionalism.
In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I talk about transparency as a relationship tool—not a public one. The audience matters.
2. Shaping the Narrative When the Market Is Already Guessing
Sometimes the number will come out anyway—through filings, industry chatter, or educated guesses. In those cases, controlled disclosure allows you to frame the narrative rather than react to speculation.
This can be especially important if:
• The multiple was strong
• The strategic rationale was compelling
• The outcome reflects long-term value creation
Owning the story is often better than letting others invent it.
3. Credibility as a Thought Leader or Operator
For founders who plan to stay visible—as investors, advisors, board members, or acquirers—selective disclosure can enhance credibility. It demonstrates that you’ve navigated a real outcome, not just theory.
This is common in certain ecosystems, particularly where openness is normalized. But even then, the disclosure is often partial, contextual, or framed around lessons rather than raw numbers.
On the Legacy Advisors Podcast, we’ve discussed how some founders disclose ranges or outcomes without anchoring their identity to a single figure.
4. Internal Validation for Teams (When Handled Carefully)
In rare cases, sharing the sale price internally can help employees contextualize the outcome—especially when the deal reflects shared sacrifice, long tenure, or collective effort.
But this only works when:
• Equity participation is clearly explained
• Expectations are managed
• Comparisons are avoided
Otherwise, disclosure creates more questions than pride.
The Case Against Disclosing the Sale Price
Now for the part founders often underestimate. The downsides are subtle, long-lasting, and often irreversible.
1. Numbers Invite Judgment—Not Understanding
Once you disclose the price, you lose control of interpretation.
People don’t ask:
• What was the capital structure?
• What was the risk profile?
• What were the earnouts?
• What was the dilution?
• What was the time horizon?
They ask:
Was it big?
Was it small?
Was it better than X?
A single number strips nuance from years of work.
2. Employee Perception Can Shift in Unhelpful Ways
This is one of the most common founder regrets.
If employees hear a large number:
• Some feel undervalued
• Some question compensation
• Some feel entitled to more
• Some disengage post-close
If employees hear a smaller number:
• Some feel disappointed
• Some question leadership decisions
• Some reassess loyalty
In both cases, morale can shift—for reasons unrelated to reality.
In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I warn founders that disclosure can unintentionally reset internal expectations in ways that are hard to unwind.
3. Future Negotiations Become Harder
This one is critical and often overlooked.
If you disclose your last exit price, future counterparties—buyers, investors, partners—anchor to it. That can work against you if:
• Your next company is smaller
• The market shifts
• Your risk tolerance changes
• Your role evolves
You become “the founder who sold for X,” whether you want that label or not.
Silence preserves flexibility.
4. It Can Complicate Earnouts, Holdbacks, and Ongoing Roles
If part of your consideration is contingent—and it often is—disclosure can create internal and external pressure during the earnout period.
People assume the deal is “done.”
In reality, value may still be at risk.
Public disclosure can distort incentives and expectations at precisely the wrong time.
5. Privacy Is a Strategic Asset
Founders often underestimate how valuable privacy becomes post-exit.
Privacy allows you to:
• Re-enter the market quietly
• Invest without spotlight
• Explore ideas without expectation
• Avoid constant comparison
Once the number is public, it’s permanent.
You can’t unring that bell.
Legal and Contractual Reality
Before you even weigh the pros and cons, there’s a more basic constraint: you may not have a choice.
Many purchase agreements include:
• Confidentiality clauses
• Non-disclosure provisions
• Restrictions on public statements
Violating these terms—even casually—can create legal exposure or damage relationships with the buyer.
This is not hypothetical.
It happens more than founders expect.
Always review disclosure obligations with counsel before saying anything publicly.
Partial Disclosure: The Middle Ground
For founders who feel pressure to share something, partial disclosure can be a strategic compromise.
Common approaches include:
• Sharing a range
• Describing the outcome qualitatively
• Focusing on strategic fit rather than price
• Framing success around impact, not dollars
For example:
“It was a strong outcome that rewarded long-term commitment and positioned the business for its next phase.”
That statement communicates success without anchoring to a number.
On the Legacy Advisors Podcast, we often advise founders that how you speak about the exit matters more than what you reveal.
Who Actually Needs to Know the Number?
This is the simplest—and most clarifying—question founders can ask.
Usually, the list is short:
• Investors
• Board members
• Tax advisors
• Legal counsel
Everyone else’s curiosity is optional.
Curiosity is not entitlement.
Social Pressure and Founder Ego
Let’s address the unspoken part: ego.
Some founders disclose because they’re proud.
Some because they feel insecure.
Some because they want validation.
Some because they feel judged for staying quiet.
None of those are strategic reasons.
Your exit is not a scoreboard.
It’s a personal and professional milestone.
You don’t owe anyone a number.
Media Considerations
Media outlets love numbers because numbers create headlines. But headlines rarely capture nuance.
If you choose to engage with media:
• Assume simplification
• Assume comparison
• Assume permanence
Once published, the number becomes your shorthand.
That may or may not serve you.
How Buyers View Disclosure
This is rarely discussed, but it matters.
Some buyers prefer discretion.
Some expect silence.
Some are indifferent.
But very few appreciate surprises.
If you plan to disclose publicly, alignment with the buyer is essential. Misalignment here can strain the relationship early in the integration process.
The Long View: You After the Exit
The most important consideration is not how disclosure feels today—it’s how it shapes your next chapter.
Ask yourself:
• Who do I want to be known as post-exit?
• How visible do I want to be?
• What doors do I want open?
• What expectations do I want set?
Disclosure locks in a narrative.
Silence keeps it flexible.
In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I remind founders that exits are endings—but they’re also beginnings. Decisions made in the glow of success can echo for years.
There Is No Medal for Disclosure
Some founders believe transparency earns respect. Sometimes it does. Often it doesn’t. More often, it just invites opinion.
Respect comes from:
• How you built
• How you led
• How you exited
• How you treated people
• What you do next
Not from a press-friendly number.
A Simple Decision Framework
If you’re torn, ask yourself three questions:
- Who benefits if I disclose this?
- Who could be unintentionally harmed?
- Does disclosure advance my long-term goals—or just satisfy short-term curiosity?
If the answer isn’t clear, default to discretion.
You can always share later.
You can never take it back.
Find the Right Partner to Help Sell Your Business
Decisions around disclosure, messaging, and post-close narrative are as strategic as valuation itself. If you want guidance on how to position your exit, manage stakeholders, and protect your long-term interests, Legacy Advisors brings experience and perspective to every phase of the process.
Frequently Asked Questions About Disclosing the Sale Price in M&A
1. Am I required to disclose the sale price of my company?
In most cases, no—but you may be prohibited from doing so. Many purchase agreements include confidentiality and non-disclosure provisions that restrict what can be shared publicly, including valuation and deal terms. Even casual disclosure can create legal exposure or strain the relationship with the buyer. Before sharing anything, founders should review their agreements carefully with counsel. In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I stress that disclosure is not just a personal decision—it’s a contractual one. On the Legacy Advisors Podcast, Ed and I often remind founders that violating confidentiality, even unintentionally, can have consequences long after closing.
2. Does disclosing the sale price help or hurt relationships with employees?
More often than not, it complicates them. Employees rarely have full context around dilution, earnouts, taxes, risk, or time horizon. A large number can create resentment or entitlement; a smaller number can create disappointment or doubt. In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I explain that disclosure can unintentionally reset internal expectations in ways that are hard to unwind. On the Legacy Advisors Podcast, we talk about how founders sometimes disclose with good intentions—only to spend months repairing morale. Employees don’t need the number; they need reassurance, respect, and leadership through the transition.
3. What about disclosing the price to the media or industry peers?
Media outlets love numbers because numbers create headlines—but headlines rarely capture nuance. Once disclosed publicly, the number becomes your shorthand, stripped of context like capital structure, risk, earnouts, or timing. In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I caution founders that public disclosure often invites comparison rather than understanding. On the Legacy Advisors Podcast, Ed and I discuss how founders sometimes regret disclosure when they realize the narrative has been reduced to “big” or “small,” ignoring the real achievement. If you engage with media, remember: you can’t control interpretation once it’s out there.
4. Is there a middle ground between full disclosure and total silence?
Yes—and it’s often the most strategic option. Partial disclosure allows founders to communicate success without anchoring their identity to a specific number. This might mean sharing a range, describing the outcome qualitatively, or focusing on strategic fit rather than price. For example, saying “it was a strong outcome that rewarded long-term commitment” conveys success without inviting comparison. In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I explain that narrative framing often matters more than raw data. On the Legacy Advisors Podcast, we regularly advise founders that how you talk about an exit shapes perception far more than the exact figure.
5. How should I think about disclosure in terms of my long-term career and next venture?
This is the most important question—and the one founders ask too late. Once a sale price is public, it becomes part of your permanent identity. Future investors, buyers, partners, and even employees will anchor to it. That can work against you if your next venture is smaller, riskier, or simply different. Privacy preserves flexibility. In The Entrepreneur’s Exit Playbook (https://amzn.to/4iG7BAH), I remind founders that exits are endings and beginnings. At Legacy Advisors, we help founders think beyond the closing table—because decisions about disclosure shape how the market sees you long after the deal is done.