Earlier this year I had the wonderful experience of helping two of my good friends and clients. One of them was selling her business and the other one was buying it and I got to help support them and their teams through the transition.
If you find yourself on the buying end or the selling end and you want support as you transition into this new chapter, here are a few things that we did this year that helped:
Ensured open communication with the teams about the changes ahead and implications for their roles and compensation
Identified a transition plan that maintained essential operations but allowed the new owner to gradually reopen to the public (this was their preference, you could also create a transition plan that keeps operations rolling)
Honored your employees' contributions during the transition period with plenty of opportunities to connect, celebrate and say goodbye.
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