Brock Upham Yost PLLC
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Why you should think of your employees when selling your business

Many factors motivate business owners to decide to sell their companies. They may decide to retire, want to pursue a different line of work or decide to sell the company for financial gain. There are many different factors that business owners should consider, however, before they decide to sell. You may want to start by considering your employees.

How will the sale affect them?

You should think about what you want to happen with your employees once the purchase of it is finalized long before you put your company up for sale.

How much does your investment in their training matter?

It's likely that your employees' training has been critical to your company's success. You'll want to think about how much you've invested in training your employees when setting the price for the sale of your business.

Could the employees want to be the new owners?

Another reason that you may want to think of your employees first when selling your business is because they may be interested in purchasing it themselves. If you have one or two employees that have a profound understanding of how your company operates, then they may be interested in taking the helm if you're looking to step away from leading it yourself. You may want to pull aside those employees to speak with them about their interest in buying the company.

Will long-term employees be treated well?

It's critically important that you think of your long-term employees if you're planning to sell your business. While they may not have the specialized expertise necessary to lead the company into its next chapter, these employees have likely shown you a great deal of loyalty in sticking by you over the years. You must make sure that a transition plan is in place for them. You may negotiate for them to continue working under the new owner or somewhere else.

Once you've figured out what you plan to do with your employees, you will then need to have a purchase agreement drafted that reflects all of your wishes for what happens with your employees, assets and other transition-related matters.

A business litigation attorney can help walk you through the necessary steps. Your lawyer can also guide you in finalizing the sale of your business to its new owners.

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Brock Upham Yost PLLC
616 E. Blanco Rd.
Suite 202B
Boerne, TX 78006

Phone: 830-275-5607
Phone: 830-816-9033
Fax: 830-584-0774
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