How to Help Your Employees’ Transition When Selling Means They’re Unemployed

Sometimes, you can’t negotiate job safety for your employees. The buyer may have other plans for their purchase, or keeping certain team members on would cause redundancies. As you’ve learned over the years, when you own a business, you often have to make hard decisions that affect others, the same goes when you sell a business. Even so, there are ways you can soften the blow.

Flip Through Your Contacts

You’ve made a lot of contacts over the years. This is a great time to utilize them. While you fill them in on the company changes, you can see if they’re hiring and offer recommendations for employees you think would be a good fit.

Provide Assurance About a Reference

Reassure your employees that you appreciate all the hard work they’ve put in over the years, and let them know you’ll be happy to stand as a reference as they start their search for a new job.

Consider Offering Resume Writing or Interview Coaching Services as Part of a Severance Package

A solid resume is the key to winning an interview. If some of your employees have been working for you for a long time, they may not be aware of the changes that have been made in the application process. Give them a leg up by hiring professionals to offer guidance as they update their resumes and get ready to start interviewing.

Make Yourself Available for Mentoring When the Situation Calls

If you’ve been a hands-on boss, there’s a good chance you have some employees who look up to you. If you have the time, offer to mentor them personally. Ask them what they see as their next step, and if you can help – great! If they want to take a different path, maybe you know someone in their desired field that can be some help.

Provide Information About Unemployment Benefits

Getting the news that you’re laid off is scary, but it’s terrifying when you begin the job hunt and don’t find success soon into the process. Remind your team of their rights to unemployment benefits. Direct them to the appropriate website, so they can start the process immediately to help them get relief from anxiety.

Selling a business can be bittersweet no matter the situation, but even more so when it affects your employees. However, you can handle the entire process with grace, and your team will remember and appreciate it.

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