In this video, Jo Haigh offers her advice on what you should do with regards to your staff if you have been approached, or you are thinking about selling the business.
What should you do if there is a rumour going around that your business is for sale? Is it? Well, I think every business is for sale. If somebody comes and knocks on your door and offers you a great sum of money that makes that business attractive for you to sell, then why wouldn’t you?
Honesty is the best policy. I have found that where vendors are not prepared to share whether or not they are going to sell the business with their prospective employees, the rumour becomes stronger and stronger and staff leave anyway. This suspicion can turn it into a much nastier process and you can lose key staff who would have been prepared to stay with you.
In any case, quite honestly, you are going to need some of these key staff members to help you through a very challenging process and to actually get to the finish line. Your accountant, your HR support and any of the critical staff in your top team, you should really bring them in to your confidence. You can manage the worries that they will have by putting incentive programs in place and assuring them that you will do everything you can to make sure their future is as safe as possible. Whether that be financially or in other ways, it depends on what it is that matters to them and you.
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