There is a lot to do when thinking of selling a business and preparing for the final settlement. But have you thought about your employees?

A business sale is not only a stressful time for you, but also for your employees. Selling a business can raise many alarm bells including job security and whether present conditions will remain unchanged.

Don’t underestimate the importance of happy employees

When you are selling a business, it’s great to have a solid customer base, financial affairs in order, and maybe even refurbished premises. But did you know what else will make your business actually shine with potential? Your employees.

Happy employees and an empowered workforce show the success of the business on the forefront. Potential buyers will immediately feel the opportunity for success as loyalty and motivation are great selling points for any business.

Give your employees opportunities

You can start your path to happy employees by giving them opportunities and maybe even a career path, depending on the size of your business. Regular reviews are always a good approach to keep your employees feeling there is a progression of some sort, or at least a reward for hard work. Even if you work largely with a contractor or casual employee base, it is still important to maintain an ambience of opportunities.

You can also look at what incentives you may be able to provide to your employees to give them a sense of appreciation. This may even create longer continuity in staff and increase the quality of service.

So when a prospective buyer visits your premises, announced or unannounced, the motivation and skill shown by employees is of great value.

Show there is a defined management structure

Working for someone else is never anyone’s dream but having a defined management structure makes it a bit more bearable. Employees like to have an order as to how things are done around the workplace including who they need to speak to about leave, changes in operations, and so on. A structured management chain shows a business that encourages communication with staff as there is nothing more frustrating than not knowing who is in charge. Your employees will love you for it.

This defined process is also attractive for a buyer as one of the many concerns of buying a business is that employees will leave or be unhappy with the new management. So a management structure that is already working is very valuable for a buyer. It gives them the confidence that the success of the business does not depend on the founders or the owners of the business, i.e. you. If there is a management already in place, it will continue on despite the sale.

Happy staff? Happy sale.

So while you’re busy preparing the documents for the sale of your business, don’t forget about your employees. Take some time out to see how you can make them feel motivated and excited to work on your success. It may increase the quality of your buyer pool dramatically.