Questions to consider before selling: Who to keep on board?
The best business decisions are not always clear especially in the realm of technology mergers and acquisitions. Recently, we started to discuss some of the primary factors to consider when thinking of selling your company. In that post, we talked a bit about the necessity of making preparations for the quick and profitable sale of your business.
But in many cases, it's not just about the product or service that your business supplies, but also the people who work with you. Carrying a number of employees through a merger not only puts their jobs at risk following the finalization of the acquisition, but it also is not cost-effective for the company as a whole.
According to Entrepreneur.com, "It's important for entrepreneurs to figure out whose services will bring them through the sales process and help them get the best price for their business. Do you need an accountant? How about an appraiser, attorney, consultant and business broker?"
In most situations, the buyer will have a substantial and established team to aide them through the sales process, which means you should too. Professionals advise trying to find the hidden gems in your company. People that believe in the message, the partnership with the new owner and have a good attitude will be great assets in moving forward.
It can be hard to know who to keep on, though, which is why it is key to consult with an M&A advisor to get the opinion of an experienced, trained and educated third party.