You’re Selling Your Business; Who Should You Tell?

by | Jun 8, 2017 | Sell Your Business

To sell a business in Rochester MN, you must carefully consider in advance whether you are going to tell your employees and your suppliers or do you have a need to complete the entire process and keep the communication completely under control so that your customers do not rapidly exit.

What Are Your Considerations?

Communicating your decision to sell is often not straightforward. You will need to consider who is affected and who needs to know. Some of your employees, customers, and suppliers may be affected by your decision, and this may cause you difficulties soon.

Knowing who you are going to tell and who you are going to keep this private information from is important as you launch a communication plan. Should you decide to tell your employees and customers that you are going to sell your business in Rochester MN, you must be fully prepared for any fallout and to adapt a positive approach. You can keep all the necessary individuals involved with your progress and remove their areas of worry because they are all going to start thinking about themselves first during this process.

When you consider who may be affected, should you wish to keep the sale confidential, you may even consider keeping the process private from your family and your best friends. Your fellow directors and shareholders will need to know, and you may decide to inform key employees and not the others.

Where you have any partnership agreements in place, you may need to inform those companies and other distributors if you are considering terminating a contract or hoping that it will run to the new owner so that you can increase the valuation of your business.

Far from being confidential, you can use local and trade media to enhance the viability of your sale, and we can help you by bringing together a team of accountants and attorneys and everyone required to boost your valuation to help you sell your business in Rochester MN.

You may need to deal with government departments as you need to exchange registrations. In all these circumstances, you will need to consider whether it is an advantage to you and your business to pass on the communication of your sale and in particular, to your competition because once individuals begin to know that your business is going to be sold, the competition will find out seconds later.

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