There are a number of steps practice owners can take to maximise staff retention through the sale process
Staff retention is critical during the sale of a practice, because the motivation of the business owner in selling is going to be very different to the staff that are left in the business. When they joined the business it was run a certain way, but the decision to sell is now potentially changing the value proposition as an employer of choice for that individual.
In the first instance, it is important that you communicate your decision about going and communicate it sincerely. Tell them the truth about your decision and what it actually means to you – but also how you’re going to benefit from it.
Usually what happens in this process is that staff will sit back and think there’s a payout and you’re walking away from the business. However, most often practice owners have invested a lot into building the business and looking after staff, so they are usually thinking about this and the opportunities for them with their careers under a different owner.
It also helps to get staff engaged with the new owners of the business as soon and as early as possible. If the business owner talks about the future of the business with staff this will help them as they’re wondering what their job will look like and whether it will exist with a new structure under a new owner. So the minute you can give staff that clarity, they will be on board much sooner and can also help be an advocate for you through the sale process.
So the three keys to motivating staff through a sale are engagement, communication and honesty. To be honest you can never communicate enough, and even if you think you’re communicating the same message, keep communicating because the minute that you stop communicating people can get nervous.
