Just because you are selling the majority of your shares does not necessarily mean you can’t stay involved in your business. Making an exit from your company for whatever reasons require you to involve your employees in the transition process. One of the essential things to keep in mind when exiting your business is to keep your employees motivated and happy. That way, you will be able to make sure that everything progresses as smoothly as possible.
Dealing with employees when selling a business
Your employees may have a mixed feeling once they learn that you are selling your business. Most of them will feel a sense of uncertainty, thinking if they will still have a job once the deal is done. You have to assure your employees that although you are going to sell the majority of your shares or perhaps sell the entire business that they will not be left out. Keep them motivated through the following ways:
- Be upfront – your employees were there for your since day one, and they deserve your honesty. What a better way to show your sincerity to them than being upfront. Tell them about your plans for selling your shares because they will eventually find out, and when that time happens, you will surely lose their trust. It adds a level of uncertainty, making the transition process more difficult.
- Find the right investors – Your employees are not just your people, they’re your family too. You have to make sure you find the right investor so that your employees will be in good hands. The problem is that many entrepreneurs look for big banks when finding an investor to buy their business. Money-wise, big banks make great investors, but it does not assure you that they’ll be significant to your employees. Most of them don’t keep your staff. They would instead replace them with people whom they think they can save money. If they don’t replace your people, chances are, they would put in more working hours.
Selling a business is done for many reasons – could be upgrading to a business you are more interested in or just finally letting go of the entrepreneurial world and enjoy retirement. Whatever your reasons are, make sure you do not set aside the welfare of your employees. Real success is when everyone involved in a deal is happy – you, your employees, and the new owner.