How to Tell Your Employees You’re Selling the Business
You’ve been planning the sale of your business for quite some time now, and things are moving along as planned. Selling your business is an exciting venture for you — for your employees, however, not so much.
As an owner, you’ve always valued transparency in your business and having open communication with your employees. But telling them about the sale too soon could jeopardize the deal.
When Is the Right Time?
It is best to wait until after the transaction has taken place and the terms of the sale are in place. Otherwise, employee panic may ensue and the rumor mill will start churning out of control. Some may even abandon ship with little or no notice. You just can’t predict how they will react. It’s best to avoid all that and delay the announcement until the deal is done.
As always, there are exceptions. You may have a few, key trustworthy employees that will need to know about the deal before it is done as they can help you along throughout the sell process. Select only a few essential individuals that will be brought into your inner circle when you decide to move forward with a sale. Who knows, one of them may even turn out to be a potential buyer.
How to Break the News
When it finally comes time to break the news to your employees, call an all-staff meeting. Let them know your reasons for selling the business, and then tell them about the new owner. If possible, have the new owner be present at the time of the announcement. That way, he or she can reassure employees of plans to continue business and usual and ease their fears.
No matter what, be upfront and honest. They’ll no doubt have questions that are in need of answers. The more details you share about the entire transition process, the better. Keep your tone about the future of the business positive. After all, positivity breeds positivity. Then allow ample time for the news to sink in. That’s a lot for them to take in when it concerns their future.
You’re in Control
It’s not easy to tell your valued employees, some of whom may be like family, that you’re leaving the business. But as long as you’re in control of how and when the news gets broken, it will be an easier pill for them to swallow. Your successful exit from the business will leave it in a position of growth and success for years to come.