How to Announce To Those Affected That You Plan To Sell the Business
It is a very big step when you have decided that you want to advertise your business for sale. You might have been thinking about the sale for a very long time. No doubt you have spent some time considering the changes that will happen to your life after the sale and what will happen to the business when you leave.
However, even though you know that you will eventually leave the business, your staff and partners might not have a clue unless you share it with them. In some cases, you might be eager to share all the information especially if you had a good relationship. However, you need to be very careful as disclosing too much information too soon might affect the process.
Come Up With a Communication Plan
The sale will no doubt have an impact on everyone who has ties to your entity. Depending on their role and connection you will need to tell some sooner than others about your plans. The persons involved can include significant others in your life, persons who hold shares in the business, vendors, customers, your staff, and the advisors who have worked with such as your lawyers.
In order to share your plans you will need to come up with a strategic agenda and write it down. This should outline the information about how the sale will affect each person and how you plan to address this. It should also include how and when you will tell them and what medium you will use to share the information.
Additionally, youneed to outline what will take place after the business sale is complete and let them know what preparations you plan to put in place. Shareholders need to know about the buyer that you will choose to sell the business to. Employees need to know about their job security and what you expect from them after you have left the company.
Give Them a Timeline
Let them be aware of the timeline that you are planning to work with so that they can prepare for it both mentally and physically. Let them know when you plan to put the business up for sale, when you hope/expect to have the sale done and if you intend to withdraw from the business right away or if you will be there to offer support.
Don’t Share Everything Right Away
Even though you will need to provide adequate information, be very careful about disclosing all the details about the sale. The more you say, the less control you will have over the information. Consider the information you share and if/how it will affect the sale in any way.
After the sale you can have one last chat with everyone to give them all the details they need and to reinforce everything that was discussed before. Ensure that you leave them on a positive note. It is important to share the information positively so that you don’t start the new owner off on a negative foot. You also need to make sure that you do the transition in a good way so that the process can work smoothly.