Ask the Advisor: When to Tell Employees You Are Selling

Q: I’ve decided to sell my business, when should I tell my employees?   I don’t want to lie to them, but I don’t want them to quit on me either.

— Jeff (from Florida)

A: When selling your business, there will come a time when you will need to tell your employees, the people that you’ve relied on for years, if not decades, that you are selling your business.  This is certainly one of the aspects of the sell-side process that causes a tremendous amount of anxiety for sellers, but through proper preparation,  you’ll be able to tell your employees on or immediately before the closing, which is the best time to tell them. [Read more…]