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How to tell your employees your business is getting acquired
April 02, 2021
When it comes to selling businesses, there are plenty of things to be considered. Not only do you have to do your best to make sure the transition is smooth for the new owner, but you must also make sure your employees are comfortable with the acquisition as well. With that in mind, here is a short list of tips to help you gently break the acquisition news to your employees and how a Palm Harbor business lawyer can help.
Get Your Ducks in a Row
Although your employees obviously deserve to know that the business is getting acquired, make sure you’re not telling them prematurely. Generally speaking, the person or organization that is acquiring your business will expect a level of secrecy until the deal has gone through and things are in place. This is because hearing about a coming acquisition can spook employees, investors, and more. Therefore, make sure you have everything in place and settled before you break the news to your employees.
Explain the Benefits
When it comes to new business acquisitions, many employees feel they will need to start looking for jobs because they assume the benefits will diminish. Therefore, you should take the time to explain the benefits of sticking with the company. This is especially true if the company will be giving out signing bonuses for employees who choose to stay. This is a major reason many choose to stay during business acquisitions.
Consult with Business Law Attorneys in Palm Harbor
Lastly, consulting with a Palm Harbor business law attorney can be a great thing to do when your business is getting acquired. This is because a Palm Harbor business attorney will be seasoned in business acquisitions and will be able to better guide you and help you keep your employees on board. Therefore, finding a suitable attorney can be one of the best things you can do to help your employees better understand the acquisition.
Overall, if you are looking for a Palm Harbor business attorney, contact us today. Here at The Law Office of Robert Eckard & Associates, we go above and beyond to ensure your transition runs smoothly. Rather than trying to go it alone, working with a qualified attorney is the best way to make sure all your bases are covered. Consult with us if you want your transition to move as swiftly as possible, all while allowing your company to remain intact.