How do I keep my engineering firm’s junior staff on board while I sell?
Decide what and when to tell them, then tell them in your own words before rumours do. Give each junior person a clear picture of their role under the next owner and, where possible, a conversation with the buyer. People stay when they see a future, not when they are told to stay.
Juniors worry first about whether their job survives, then about who they will work for. Plan the message before the news spreads. Tell them what is happening, what is not yet decided and when you will update them. Silence invites the worst guess. Ask your lawyer how confidentiality should be handled until you are ready.
Next, show them a path. Talk to the buyer about development: mentoring, training, a route toward licensing and larger responsibility. If the buyer is willing, arrange a meeting so juniors can ask questions directly. Ask what the buyer plans on pay, hours and projects, and share what you may.
Last, consider tangible reasons to stay, such as retention arrangements agreed with the buyer. Keep daily work steady in the meantime. Praise good work, keep mentoring, and avoid changing things unnecessarily. Your accountant and lawyer can help you structure any retention arrangement, and a buyer will notice how well the team holds together. Be ready for questions you cannot answer yet. Say so plainly and promise a time when you will know more. Trust is built by being direct about uncertainty, and juniors who feel respected are more likely to give the new owner a fair chance.
Key takeaways
- Tell staff early, in your own words, and say when you will update them.
- Let them meet the buyer and hear about development and pay.
- Keep daily mentoring steady so the team stays engaged.
Related reading
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernment7 steps to increase your business’ value—before you sell it
- 02Business Development Bank of CanadaIndustryHow to sell your business
- 03Business Development Bank of CanadaGovernmentHow to reduce employee turnover
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