When you are selling your small business, you need to decide whether or not you are going to tell your employees the news. It’s a personal choice the will depend on the business owner, the size of the business, the roles of different employees and their work relationships. There are some scenarios where sharing the news (or holding off) is the best choice.
In the majority of small business sales, owners do not want their employees to know that the company is for sale. Owners worry that employees will tell customers, or discuss the news of the sale with people in the neighborhood. Talk of a potential sale might create a stressful work environment and lead to gossip. Too many people simply do not understand that selling a business (or the reasons for a sale) is a delicate subject. Talking about a sale invites unnecessary drama to the workplace.
In some cases, an owner will want to tell their employees about a potential sale. If there is an employee who may be interested in purchasing the business, the owner should bring up the idea in a private conversation. Former employees can make great new owners for very small businesses.
Talking to your employees about a business sale is best done once a serious buyer has been identified. At that point, finally, you will be able to tell them about the changes that are coming and what that will mean for them and their jobs.
