In a transaction, you can’t communicate enough. This is particularly true when you are in an internal transaction, such as selling equity to a key employee.
As someone who has been party to an internal transaction as a buyer, periods of silence can make you question the intentions of the parties. This was certainly the case in a transaction we were helping with.
We were suggesting the professional services firm speak to their key employees regularly, as they were looking to bring in 2 at the same time. Poor communication meant that one of the employees thought the other was more preferred and made a snap decision to move businesses. The damage was done, and no amount of communicating could resolve a newly signed employment contract. Every little thing is critical to communication – how you reschedule meetings to discuss, how you communicate the timeframes for external pieces of work and how you answer queries.
Engaging an external adviser can provide a structured approach and reduce communication risks for all parties. Contact us today to see how we can help you succeed at succession.
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