If you have been considering having your business merged with another entity or you are looking to sell it, then you are going to also want to think about what your role will be in the future. Whether you decide to remain involved or you plan on moving on can directly affect how you want to go along with business deals and what that might mean for the future of your business and career.
Here’s how you can make decisions that will benefit you when you are looking to make changes when it comes to the ownership of your business.
Set some goals
Is there anything you hope to accomplish once your business is handed over? Maybe it could be starting something new or enjoying the success of the sale of your business. Whatever it is, knowing beforehand what you want to get out of this deal can help you to decide what would be best for you personally and what might benefit the company. You’ll want to think about a number of different factors before you actually sign the dotted line.
Create clear contracts
As you negotiate the terms of your merger or acquisition, you are going to want to be very clear within your contracts what role you will have going forward. This is why contract lifecycle management can be so important—it allows you to make changes as you see fit for your business. You’re also going to want to hire an expert to help you so that everything is in place for you to get the result you want, whether it is being onboard as na advisor or continuing to make a salary under new management.
Set a timeline
Even if you plan on leaving your company completely, there will still be things you will need to hand over, and you might need to be available for that transition period. You should have a detailed timeline of when you want to hand over things, when you are going to inform employees that you are leaving, and any additional to-do tasks that you will need to accomplish. This not only helps you adjust, but it also alerts employees and the new business owners to when they should be expected to function fully under new management.
Speak to employees
One of the most difficult aspects of a merger or acquisition is letting employees know that things are likely going to change for them and the business. This can be extremely nerve-wracking for many since it can mean different mangers, systems, and more. You should be honest with employees and share how you plan to be involved or why you are leaving and prepare them for some changes.
Going through a merger or acquisition can affect your life in a number of different ways, which is why it can be important to prepare before you jump right in. Having a clear idea of what your future plans and role might be can make all the difference for you and your business.