Questions Business Sellers Need to Answer

When a business is sold or merged into another business, it is natural for employees, vendors/suppliers, and clients/customers to ask certain questions. Many can be anticipated. Business owners and managers should be prepared to answer the following questions in order to make the transition as smooth as possible. Answers should be truthful, clear, and concise:

 

Employees

  • Will I still have my job?
  • To whom will I report?
  • Will my compensation change?
  • Will my benefits change?
  • Will my responsibilities change?
  • Will I be required to relocate?
  • If I am let go, will there be a guaranteed severance package?
  • What changes will be taking place?
  • Why was the company sold?
  • What will happen to the current owner?
  • Have our clients been notified?
  • When will I meet the new owner or manager?

 

Vendor/Suppliers

  • How will the change in ownership affect my business?
  • Do you expect the volume of business I do with the company to change?
  • What is the legal name, address, and contact number of the new owner?
  • Who do I contact for additional information?

 

Clients/Customers

  • How will the change affect me?
  • Will I benefit from the sale?
  • What is the legal name, address, and contact number of the new owner?
  • Who do I contact for additional information?

 

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