When exploring your options for selling your business, it’s important to think about how the sale will impact different stakeholders in your company. Your dedicated team has helped you make your business the success that it is today. The best thing you can do for your team is to acknowledge their hard work by making sure they are taken care of when you sell your agency. A talented team can be just as important as a proven financial record when it comes to selling your insurance agency.
Be cautious of the timing when you tell your team about the sale. At first, you will want to share the information with as few people as possible. Your CFO or controller would be a good confidant during this time. They can help you gather documentation needed for the sale. After you have a solid buyer lined up, it is time to share information about the sale with your senior management team. Your team will want to know what this sale will mean for each of them. You have a few options here. It may be important to you and your buyer to keep company leadership intact through the sale and after.
It is best to wait until after the deal has closed to tell the rest of your team. Informing your whole team too early in the process can cause panic and send them looking for alternative employment. Once you do break the news, be prepared to answer questions about how the sale will affect everyone. It is important to be compassionate during this time as big changes can cause emotions to run high. Assure employees that they will be taken care of by the new owner. Encouraging employees to continue working hard and growing in their positions will boost their confidence and ensure a stabilized transition.
Springtree Group knows the importance of choosing a buyer for your agency that respects the business you have built while still offering something new to generate further agency growth. The best buyers will be able to offer a brighter future for your business, for your team, and for you. The experienced business intermediaries at Springtree Group can help you develop a business strategy that will attract the right buyers while still taking care of your valued employees. Our team can help you learn more about what a sale could look like for your agency. To find out more about the services we offer or to speak with an experienced business intermediary, email us today at sam@springtreegroup.com.
