Article Review: How to Tell Employees You’re Selling the Business | Axial

By Meghan Daniels, Axial | April 4, 2017

Key Takeaways:

• Make a plan.  Walking onto the plant floor and saying we sold the company can be a huge mistake.
• Involve the buyer in the plan.
• There are two change management plans, ADKAR and Leading Through Transitions.  ADKAR is based on "the accumulation of individual change leads to organizational change" and Leading Through Transitions is based on "the human side of change:  grieving, letting go, building hope and learning."
• Assess your employees to see who will be an advocate and who will be a problem.
• Identify a core group early as they will be involved in due diligence, etc. who will be advocates.
• Avoid spreading the news beyond the core group to avoid distraction.  Communicate clearly to the core group the deal could easily fall apart.
• Consider employee roadblocks, e.g., a strategic buyer who will eliminate overhead may create resistance.  People who may be eliminated won't be good core group members.
• Shock and awe is no way to change the culture.  Make a plan.

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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at Eric@EdisonAvenue.com or 239.738.6227. Also, visit our Edison Avenue website at www.EdisonAvenue.com. To search for Florida Businesses for Sale: CLICK HERE