This is a common question many of our Brokers are faced with as they go to market with a new business. Of course there are issues that surround telling your staff that their place of employment is to be sold however, if done properly there can be a great deal of tactical benefits as well as easing uncertainty.
In many businesses we work with owners have formed a tight and supportive community where the staff are the company’s biggest asset. Many owners report a sense of fear that surrounds the sale and will try and hide the fact from staff.
In reality the bigger issue is your team hearing second hand, inaccurate information and panicking for fear of job security. Although staff may not initially like the idea, they deserve to be told the right information from you and this should be shared upfront.
The same is true when it comes to advertising a business for sale, many business owners have shared their concern that they don’t wish their business or brand to be named for fear of slowing down productivity, creating panic or inciting a mass exodus for staff and customers alike. In examples where we have been able to name the business we have been able to sell it faster, and in most cases for a higher price due to the recognition and brand awareness this achieves with the market.
From our 30 years of experience, we believe that transparency is key in ensuring that your staff are kept informed and that your brand you have built up over time can be marketed effectively so you can get the best price for your business. Remember, you can only sell it once.