Do I Tell My Employees I’m Planning to Exit?
Jan 17, 2025
In this episode, I dive into one of the most challenging conversations you'll face as a business owner – informing your employees about your business exit. I discuss the importance of timing, transparency, and empathy when breaking this news. Understand the impact this conversation can have on your team and learn strategies to maintain stability and morale. From managing expectations to negotiating terms that protect your employees' interests, discover how to navigate this complex process smoothly. Tune in for actionable advice to ensure a positive transition for your business and your team.
What You'll hear in this episode:
[01:10] Timing and Approach: When and How to Break the News
[01:25] Retaining Your Core Team
[02:15] Managing Employee Reactions
[03:35] Ensuring a Smooth Transition
[04:10] Negotiating Terms and Non-Competes
[06:55] Financial Considerations and Seller Financing
[09:35] Final Thoughts: Communicating an Exit Effectively
[09:55] Final Thoughts: Communicating an Exit Effectively
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
