The effect of a poorly communicated succession plan to employees often is a decline in morale and an uptick in churn, both of which are liabilities for the company as a whole. Yet a lot of owners are surprised by this completely foreseeable outcome. They forget that what seems like a positive for them — exiting the business they built — could be seen as a negative for those around them. Here’s how to make sure everyone involved has a positive experience.
Most people don’t like change, especially when it could affect their livelihood. The moment your employees find out you’re planning to exit your business, their brains will fill in any blanks with scary scenarios.…Continue reading