How do I keep my wedding venue’s vendor friendships when I hand over?
Introduce the new owner to your regular vendors in person, before the sale is public if the buyer agrees, and explain what each relationship involves. Vendors stay loyal to people who treat them well, so show the buyer how you do that and stay available afterwards.
Make a short list of the vendors who matter: florists, caterers, photographers, planners, musicians and rental companies. For each, write what they value about working with your venue. It might be easy loading, prompt payment, a fair say in the schedule or the steady referrals you send them. The buyer needs to know these small habits, because they are what the friendship rests on.
Then plan the introductions. Arrange a casual meeting or visit rather than a mass email, and speak well of the buyer. Tell each vendor what will stay the same. Do not speak for the buyer on prices or exclusive arrangements. If you have informal understandings, such as shared referrals, tell the buyer so they do not discover them by accident.
Stay involved for a while after closing. Take calls from vendors who are unsure, join the first few events and pass along any lingering issues. Agree with the buyer on how long this lasts and put it in the agreement. Friendships transfer slowly, and the new owner has to earn them. Mention any vendor who is owed money or a favour, and settle it before you leave, so the buyer starts clean. Tell vendors how to reach you after closing, and thank them in person for their work with you over the years.
Key takeaways
- List the vendors who matter and what each one values about your venue.
- Introduce the buyer in person and avoid speaking for them on terms.
- Agree in writing how long you will help after closing.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentWhat is succession planning?
- 02Business Development Bank of CanadaIndustryHow to sell your business
- 03Business Development Bank of CanadaGovernment7 steps to increase your business’ value—before you sell it
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