Telling your team

The short version

Your employees should hear about the sale from you, in person, as close to closing as the deal allows.
Plan the announcement with the buyer: who says what, and when.
Tell key people first, then everyone else the same day.
Be honest about what is changing and what is not. Answer the question on everyone's mind: their job.
Introduce the new owner, and let them speak.

When to tell them

Most owners tell the full team at or just after closing. Telling earlier risks worry and departures if the sale falls apart. Some key people may need to know sooner to help with due diligence or the handover. Lesson 5.7 covers who knows what, and when.

Plan it with the buyer

Agree with the buyer in advance:

Who speaks first. Usually you.
What to say about jobs, pay, benefits and the business's name.
When the new owner is introduced, and what they will say.
How to answer questions you cannot answer yet.

Order and timing

Key people first, privately, shortly before the team meeting.
The whole team, in one meeting, so everyone hears the same thing at the same time.
Anyone who could not attend, the same day, directly from you.

What to say

Be direct and honest. Say that you have sold the business, why you did and who the new owner is. Tell them what the new owner has committed to, such as keeping jobs and pay. Tell them what you will be doing during the handover.

Do not promise what you cannot guarantee. If something is not decided, say so.

After the announcement

Be visible and available in the days after.
Support the new owner in front of the team.
Expect questions for weeks, not just on the first day.