When Should You Tell Your Staff About Selling?
The answer is really contingent on how you run your business. If you happen to be an open book management type business, then the chances are that is exactly what you are going to do. Just tell them and they will know all about it. But like most, you are probably not.
Generally speaking, it’s information you’re going to keep fairly close to your chest for quite a while. It depends on the relationship that you do have with the staff. I didn’t tell my staff until the last minute because there was a lot at stake.
I think that’s that going to be the majority of small business owners or business owners in particular. They probably will keep it pretty much close to their chest and do that.
Keep in mind that the key staff, in particular, are going to be the most affected by the sale of the business. Understanding how it’s going to be from their side is important. And one of the decisions you need to make is how you’re going to look after them, what you plan to do, what in fact you are going to say to them, to look after them.
A lot of people will be quite happy if there’s an exit and there’s a little bit of a bonus that goes in the pocket, even if they weren’t told about it. But key staff, staff who would care for you and for the business for the future, when the timing is at the stage where you believe that you might have someone seriously interested in the business, that’s when it’s key to get them involved.
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