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Don't exclude the backbone of the business--your employees. Example 2: Sample Letter for Change of Ownership & Merger. What you may not have thought about is what will happen to the employees of the business, and what this might cost you down the track. These include the notice to quit template for the very jaded employees as well as the employee warning notice that need to be issued to misbehaving employees. That starts with properly vetting your buyer, a topic I discussed in last week's column. And of course different people are affected in different ways by your decision. Employees should also understand that it can take a long time to sell a business and not to expect daily, weekly, or even monthly updates. Search Engine MarketingSocial Marketing OptimizationBusiness Forms Business in the Jungle - Business in Fiction - NegotiatingRadio Ad Costs Newspaper Advertising RatesCity-Specific Resources for Entrepreneurs Small Business InsuranceGlobal EntrepreneurshipChina & Entrepreneurs. This Buy-Sell Agreement (this "Agreement") is made effective as of _____, between and among _____ (the "Company") and each of the individuals listed on the attached Schedule A (each an "Owner," and collectively, the "Owners"). the employee is required to The employees of the business support the sale ... Tom McKaskill also writes a regular column for SmartCompany.com.au on buying and selling businesses. If you will only sell the company to a buyer who plans to retain the current staff, that would go a long way toward easing their fears. In Canada, with few exceptions, an employer must give an employee notice or payment in lieu of notice if the employer wishes to terminate the employment relationship, without cause. Let employees know if there are things you can do to help them find other work. They invite you to take part in democratic part. Instead, tell them you will inform them when you have reached a deal with a buyer and encourage them to ignore many of the rumors that will likely circulate in the interim. Change is difficult, so keep the lines of communication open through the final stages of the deal. No one likes surprises. Also, in the days and weeks following the initial introduction, the new owner should meet with employees individually or in groups so employees can express their concerns and get to know their new boss on a more personal level. I just wanted to let you know that I have started a business of my own and am looking for people who are personable, open-minded, hard-working, and who are looking to make extra income or perhaps make a career change. Should that occur, you have two choices. Please share any advice you have on selling a business. A Notice of Business Closure can also be in the form of a letter that you send out to your customers and suppliers. When it comes to revealing that your business is on the block, these tips for communicating the deal to employees and valued customers will help smooth the transition. Although communicating information about the sale may be uncomfortable, it's possible to do it in a way that reassures your workforce and sets the stage for a smooth transition. If you have anyone working for you, you must tell them: Date. Get qualified advice and know what to do to tie up loose ends. When selling your business, you will probably negotiate hard on things like the price, the plant and equipment being sold, and the settlement and handover period. Nicky Tatley . 235 Free Example Announcement Letters Inform your audience with a carefully-crafted announcement letter Choose a topic to view announcement letter templates: English Topics. . This can lead to months of the employees wondering what the future holds or make them inquisitive as to if you may try to sell again later if the deal falls through. First, while it is easy to spew rhetoric that casts employers against employees, you have to understand that for every business owner there is a back story. Some believe that honesty is always the best policy, while others feel that knowledge of an impending sale can have a detrimental effect on both employees and the sale itself. How and when to tell your employees you’re selling your business is a deeply personal decision. Company Name or Letterhead Address City, State Zip. But as hard as it is for you to leave the company, remember that it will be just as hard for the valued employees who will remain with the business after your exit. For example, I started this business 15 years ago with a goal to do X. Ten Reasons Why Business Owners Sell Their Companies. The implication for each stakeholder depends on their relationship with the business. Announce a business sale to essential employees, such as experienced and talented senior managers, during a private meeting early in the process. When buying a business, as well as taking on a going concern, you will also be taking on the concerns of ongoing staff. I had to take this decision with very heavy heart as I have invested a lot of time and money into making this dream into a reality. Change requires an adjustment period and employees will react more positively to the news if they feel like they are part of the process ahead of the actual transition. Example letters to announce a new product or service. notify the new owner of any contractual, leave, financial and legal obligations you have with your employees. Selling Your Business: What to Tell Your Clients/Customers Published March 31, 2013 You are well on your way to a business sale, and as you and your buyer hash out all of the final details, one aspect of the transition you will need to consider is how and when to tell your customers that the business is … If you make the decision to tell your employees about your plans to sell the company, it's important to give them the information they need to feel secure, but not so much information that it overwhelms them. Importance of Public Notices . Selling Your Business to Employees. Under the Fair Work Act 2009, there is no obligation on employers to notify their employees of a transfer of business or what workplace instrument will apply. In democratic part, financial and legal obligations you have anyone working for,... Business Closure can also be in the process Change of Ownership & Merger to help them find other work of. 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