private companies keep stuff private

“How much did private company X spent on marketing product A last year”

“I need the last 10 years sales figures and net profits for private company Y”

“How long before new start-up private company Z started making a profit”

Which book/database/article has this data, and can I get it in a chart? …um, no.

While much qualitative and quantitative data can be found on large public companies, private company data is much harder to come by by a variety of reasons – they are not required to disclose to the SEC or shareholders, they consider that information to be competitive and therefore proprietary, etc.

So what’s a student to do?

I recently attended a seminar “Elusive U.S. Private Company Information: sources and search secrets revealed” while at the Special Libraries Association meeting in Seattle, and while I can still say with certainty there is no ONE magic database, it was a useful reminder of some basic tips and sources and well as an introduction to some other avenues of research:

1. Be sure and search multiple sources, since quality of information will vary;
2. Mine company websites and use library databases to find articles written about the company;
3. Find whatever public records are available, including SEC filings (if any), patents, legal cases, regulatory agency records, government contracts (quite a bit of company information can be found embedded in applications and case law);
4. Search directories and databases – D&B Million Dollar Database, Hoover’s reports, alternative search engines and specialized web portals;
5. Check if the company partners with any university research centers/institutes;
6. Try publications and press from trade associations;
7. Search text of analyst’s reports, maybe there isn’t a report on your company, but they may be included in a report about a competitor.

These are just a few suggestions. Private company research is a tough business, so try to go at it from a few angles. And be sure to ask when you’re stumped, I’ve got a few other tips up my sleeve…