What To Say To Your Employees When Selling The Business

So, you have decided that it is time to sell your business, it’s critical your business continues to operate well and your team of employees play a big part.  What do you tell them so they won't worry?

When putting a business on the market, most owners have concerns about how their staff will react and are always frightened some might start looking for other jobs! In the end, your team will be mostly concerned about the security of their jobs.

There are some relatively simple things you can do to minimise disruption amongst your team when going to market.

Talk To The Team

Firstly, explain to your team what you are doing, it’s better if they hear it from you rather than through other sources or as the result of rumour. This will ensure that you control the message to your team and have a better chance of managing staff reactions.

You may want to engage first with the employees you trust most, most likely your senior staff or your longest serving employees. Let them know they are a crucial element to the process of selling your business and that it is important that it’s “business as usual”. Go with an open door policy, if your staff have concerns ongoing they can approach you to discuss, while always maintaining confidentiality.

After talking to your trusted staff you should make a decision about the remainder of your team, you may decide that they are better off not knowing, in the end, this is your call. Don’t ever forget, it’s your business and your priority is achieving a sale.

If you do decide to communicate with your team, let them know that their jobs are secure, you need them, and the new owner will too. In the end the person buying the business can’t do everything! They will place a value on a well structured, process driven team of employees. Ensure your team that when the day comes for the change-over to the new business owner, that they will be kept informed in the lead up and the transition will be as smooth as possible and their jobs will continue.

Explain to them that selling a business takes time, and it most probably won't sell in a week or a month, but you will keep them informed along the way.

But most importantly, if a potential buyer identifies themselves, they need to grab their details and pass them on to you!  Then you can have your expert broker work with the buyer.

Achieving a sale is not easy, it is critical you maintain and manage your team through the process.

And don’t forget, businesses are bought and sold on the open market all the time. Even though you may only do it once in a lifetime, remember that it is something that is not uncommon and that the people around you will understand if it is handled properly.

If you would like advice on how to manage your team through a sale, please contact one of our professional business brokers today.