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What are the best ways to prepare your team for an exit?

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If you are running a small business, you might have an exit strategy in mind. Whether you want to sell your company, merge with another one, or go public, you need to prepare your team for the transition. Here are some of the best ways to do that.

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Shubham Trivedi

Founder & CEO @Oyexperts & @OrbinFilings | Entrepreneur | Investor in early-stage startups | HIRING for multiple roles
Lynsey Light

Top 50 Women in Accounting nominee 2023 ? Advising businesses, investing in people and building networks ??
Gary Vurnum

I help experienced small business owners uncover the ONE key factor driving their success, so they can focus on it and…

1 Communicate your vision

The first step is to communicate your vision and goals for the exit to your team. Explain why you are pursuing this option, what benefits it will bring to the company and the employees, and how it will affect their roles and responsibilities. Be transparent and honest, and address any questions or concerns they might have.

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Mark Burns

Non Executive Director Investor Coach Mentor
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As a successful owner you will have already spent many hours communicating your vision and purpose to the team. So this exit opportunity should have been signalled well in advance to your team. They will have been working with this end in mind. If this exit has come from left field and you have not got strong internal communication of the vision and mission you may find the deal falls down as the buyer sees the lack of management but in as something that reduces value. Better off saying no and working on what is missing. A failed same will cost you time, money and credibility.

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Lynsey Light

Top 50 Women in Accounting nominee 2023 ? Advising businesses, investing in people and building networks ??
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This should have been part of the vision or communication already. It is important to bring your team on the journey, ask for their views and explain any changes you foresee.

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GHULAM ABBAS MERCHANT

CHARTERED MANAGEMENT ACCOUNTANT
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Preparing your team for an exit involves open communication, early announcement, and transparent explanations for changes. If it involves leadership transitions, ensure a clear succession plan. Actively involve employees in the process, addressing concerns and seeking their input. Provide reassurance about job security, offer training and support for adapting to changes, and maintain focus on normal operations. Align corporate cultures in case of mergers, comply with legal requirements, and communicate any financial changes transparently. Acknowledge and celebrate team achievements, and provide ongoing updates to keep employees informed during and after the exit, fostering a positive work environment.

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2 Align your incentives

The second step is to align your incentives with your team. You want them to stay motivated and committed until the exit is completed, and to share in the success of the deal. You can do this by offering them equity, bonuses, retention packages, or other rewards that are tied to the exit outcome. Make sure they understand the terms and conditions of these incentives, and how they will be paid out.

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Shubham Trivedi

Founder & CEO @Oyexperts & @OrbinFilings | Entrepreneur | Investor in early-stage startups | HIRING for multiple roles
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Keeping incentives in line is essential to building a committed and united team for the whole exit process. In addition to inspiring your team, providing equity, rewards, and retention packages makes sure that everyone is actively pursuing the common objective of a successful exit. Here, communication is essential. Transparency and trust are built on the terms and conditions of these benefits being clearly stated.

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3 Train and empower your team

The third step is to train and empower your team to handle the exit process. You will need them to perform at their best, and to collaborate with external parties such as investors, buyers, lawyers, or auditors. You can help them by providing them with the necessary skills, tools, and resources to manage the due diligence, valuation, negotiation, and integration phases. You can also delegate some of the decision-making authority to them, and trust them to deliver.

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Lynsey Light

Top 50 Women in Accounting nominee 2023 ? Advising businesses, investing in people and building networks ??
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I agree, empower your management team so that they can help with the process and it shows the company is working well with the teams

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4 Celebrate your achievements

The fourth step is to celebrate your achievements with your team. You have worked hard to build your business, and you deserve to acknowledge and appreciate the results. You can do this by organizing a party, a retreat, a gift, or a thank-you note for your team. You can also share some of the stories, lessons, and memories that you have created together along the way.

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5 Prepare for the next chapter

The fifth step is to prepare for the next chapter of your career and your team's career. Depending on the type of exit, you might have different options and opportunities ahead of you. You might continue to work for the new owner, start a new venture, join another company, or take a break. Whatever you choose, you should plan ahead and communicate your intentions to your team. You should also help them find their own paths, and offer them support, guidance, or referrals.

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6 Maintain your relationships

The sixth step is to maintain your relationships with your team after the exit. You have built a strong bond with them, and you should not lose touch. You can keep in contact with them through social media, email, phone, or meetups. You can also provide them with feedback, endorsements, recommendations, or introductions. You never know when you might need their help, or when they might need yours.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Gary Vurnum

I help experienced small business owners uncover the ONE key factor driving their success, so they can focus on it and grow without feeling overwhelmed.
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If you have run your business in a systematic and scalable way - then an exit shouldn't be an issue. Your long-term plan should always have been designed with succession or an exit in mind. After all - the ONLY way that you will get good money for your business is if it can be run by anyone that isn't you! So, make sure that, regardless of where you are in your business - even if an exit isn't on the horizon - that you have systems and processes in place so that the entire business can run effectively without you!

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Mark Burns

Non Executive Director Investor Coach Mentor
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If your answer to any of these areas is that we have work to do I would suggest you stop the process. Resolve the problems and then look for a buyer in a proactive way. If you are trying to sell and back filling as you go you will fail. A sale line everything else needs preparation and purpose if it is going to be successful and unlock the true value of your business asset.

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What are the best ways to prepare your team for an exit?

1

2

3

4

5

6

7

1 Communicate your vision

2 Align your incentives

3 Train and empower your team

4 Celebrate your achievements

5 Prepare for the next chapter

6 Maintain your relationships

7 Here’s what else to consider

Small Business

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What are the best ways to prepare your team for an exit?

1

2

3

4

5

6

7

1 Communicate your vision

2 Align your incentives

3 Train and empower your team

4 Celebrate your achievements

5 Prepare for the next chapter

6 Maintain your relationships

7 Here’s what else to consider

Small Business

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