If an employee asks you about a rumor that the company is for sale, neither confirm nor deny the rumor, but never lie. You will receive the most up-to-date stories, as has been the hallmark of The Daily Stratford, with the creative approach to news and events, the claim-to-fame of Stratford Press. But telling them that you’re planning to sell before a transaction is complete could jeopardize the timing and price of your deal. Break the news too early, and you run many risks: Wait to tell your employees, and you’re tasked with hiding information for the rest of the sale, which could take a year or longer. If the employees find out you're selling, you lose control of the conversation. Some employees may have to know beforehand, though. Location Subject: Zonal Business Closure Notification The management would like to inform you that our company is withdrawing it’s business in ——- zone due to heavy losses suffered on account of poor sales. Notification of Business Acquisition/Merger or Purchase/Sale Use this form to notify BWC when succeeding, in whole or in part, another in the operation of a business. 5 to 149 employees 150 to 5,000 employees. The short answer (discussed more fully below) is: generally speaking, if the business is sold as a going concern and the seller has no reason to believe that the buyer intends not to hire the seller’s employees, then the buyer, not the seller, is responsible for providing the WARN notice to the seller’s employees. Surprises are OK if it’s your birthday, but finding out through the grapevine that you no longer have a job isn’t ideal, and reading about it in the morning paper stinks. In many cases, they need the employees more than the seller ever did. Reassure them that you picked someone whom you trust to take care of them and that there will be little to no changes within the organization when they take over. Sales 888.808.8842. This transition period allows you to make sure that the evolving relationship between the new owner and your employees is a strong one. When you sell your business, you have legal responsibilities to staff you employ. Depending on your organization, it may be necessary to inform some of your key employees about your plans to sell the business. So as much as possible, it’s important to delay the announcement of the sale until all contingencies have been met and the deal is in the final stage. Explain that they have nothing to worry about (using the strategies above) and that you don’t want the other employees to worry. Any provision of any agreement (whether a contract of employment or not) is void so far as it would exclude or limit the rights granted under the Regulations. Make sure the buyer reaffirms that there will be little to no changes in the organization, and stress the importance of each employee to the buyers. Waiting to tell your employees protects them from their own anxiety and allows you to control the narrative of your sale. Departing Employees in a Sale of Business. If you have agreed to sell the entity in which you operate the business, the employees (and their entitlements) will automatically go to the purchaser with the entity. Full-service HR. Your business has an array of stakeholders, from employees and customers to investors and suppliers. Buying a Business One of your employees or someone they know may be interested in buying your business. The following letter is been emailed around among entrepreneur networks and has found its way to us. So, to make it easier to break the news to staff, we’re offering our Free Closing Business Letters to Employees Template. Employee engagement is essential in transforming your business's sustainability goals into reality. Employees should be introduced to the buyer before he explains his goals for the business. 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