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Don’t Forget Your Employees When Selling Your Business

Posted by John Fairchild in

Are you thinking of selling your business? You’ve probably imagined all the positive ways it could impact you- whether you invest in a new company or ride off into the sunset, selling your business affects more people than just you. Your employees should be prepared for what to expect.

Keeping the most valuable players might be at the top of your list when trying to sell your company. After all, you put in a lot of time and effort to build your company with the help of talented individuals. When it’s now time to sell your business with the assistance of a business broker, you might think that many of these same people are needed to keep things moving in the right direction.

Who Needs to Know I’m Selling My Business?

When you decide to sell your SaaS company in particular, this is based on the thought that the current success of your product will only continue to grow. You’ll have to convince crucial staff to stay there for the new owners, if you hope to make this into a reality.

It will help significantly if you are also staying on board since these people already know and like you and be willing to continue under your leadership. Chances are that there is room for improvement when it comes to your employees and your procedures. Your HR and existing policies are probably lacking compared to bigger technical companies as a new SAS startup. This means that growing pains can almost certainly be anticipated during the transition period.

Inform Key Employees How the Sale Impacts Them

It is very important as the leader of the company to ensure that employees know what to expect and don’t feel as though they are being taken over. Recognize that your company culture and values are certainly bound to influence your exit strategies on a very personal and emotional level. So look for opportunities to obtain the buying of your existing SaaS company employees.

Changing hands in terms of transition takes time, culturally and legally. This means that you’ll need to develop a comprehensive plan to ensure success and consider partnering with the business broker to help you. The three main issues to consider as you contemplate whether now is the right time to sell your SaaS company, include when you will announce the sale to your team, whether is how you feel personally about separating from certain staff members and how can key staff members benefit from the sale.

Your personal motives, as well as your big picture vision for all of the employees in your SaaS company, will certainly impact your final decision about whether or not now is the right time to sell. Discussing all of these issues upfront with the support of a dedicated business broker can have a huge impact on your overall decision and your level of confidence in approaching this process. Consider hiring the support of a knowledgeable business broker at the outset so that you understand what to do next.