SELL-EBRATE! Successfully Exit Your Business
At Vantage our passion is to celebrate one of the most overlooked jobs in the world, that of a business owner. If you are one and are just starting to entertain selling, listen to the Vantage podcast, "SELL-EBRATE! Successfully Exit Your Business". We give tips on selling your business and interview business owners about the challenges & successes they had selling. If you have a story and would like to be a guest visit us at TheVantageBrokers.com
SELL-EBRATE! Successfully Exit Your Business
Can you sell a business without the employees finding out?
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Common question in the business selling world is and buying is you know the from the sellers. Can I sell my business without my employees finding out? Obviously, they're gonna find out eventually. So it's a yes and no answer again. Um the question really is preceding the actual acquisition from another company, can I keep this under wraps? For several different reasons. One to keep morale high, keep processes and procedures systematic, making sure there's no disruption or disgruntled employee that's key to those components leaves. But I've seen and been a part of both worlds in which it's been kept secret for good reasons and been very upfront and transparent for good reasons. I think it in one part it depends on the culture of the business. You know, how much have the employees felt like they're part of something larger than just an attachment to a single owner entity? Uh that in those cases, it's it's much easier, particularly as the uh owner has backed away a little bit more or has integrated themselves in the side of the business that's increasing the quality of the work experience for the employees. In those situations, it just seems to flow pretty well. Everybody's on board, they're very supportive. In situations, which is more common that it's been a single-run entity and a lot of the security has been attached to these owners, whether or not that's a healthy relationship or not varies. But I don't know if there's a right or a wrong answer here. I I would just simply say, first and foremost, if you're not confident, and typically a broker will help you work through this, if you're not confident that this is a business that can sell, then in those cases, taking them through the vulnerability of all that may not be wise. And I would say if you're confident that that it can sell, and you and the broker have had discussions in which you're confident, fairly confident, that it's going to be a quick acquisition, or you both know that you have a high targeted buyer, potentially a competitor that's already showed past curiosity in this potential acquisition. In those cases, you have a little bit more flexibility. But at the end of the day, as a broker, it's absolutely within our ability to keep this business listing from being a public listing. Even if it goes so far as to making it to public listing websites, it's it's kept very discreet. There's no particular information or photos publicly that would give it away. Everything has to be handled behind the scenes with NDAs and personal one-on-one conversations with the broker and the potential buyer. So it's not hard to keep it under wraps. The question going forward for you will be is that the best thing? Have I built the culture in which transparency would actually serve us better? I don't know the answer to that. You do. So think through it, take your time, and consult maybe a broker or if you know somebody that sold a business, ask them what they did and how that worked out. So I hope that helps. I look forward to chatting with you again.