Hello! My name is Kimberly Peterson. I am an experienced financial advisor with a diploma from University of Chicago and almost 12 years of work in the field. In my line of work I learned a lot of useful hints and loopholes as well as a gret deal of pitfalls associated with loans and credits. I prepared this website to offer you my expertise and asnwer the most common problems, so that you can ejnoy your loans safely.How employees can chance your credit score
The question of when to advise employees that you plan to exit is an extremely difficult one to answer, probably because the relationship between the owner and employees is different in each business and employees themselves are different from business to business. You have two conflicting issues here, namely:
If you advise employees in advance that you intend to sell out, you are likely to unsettle them and could lose some of your key staff.
If you do not advise employees of your exit until the last minute, you run the risk of fermenting discontent, which could also result in key staff members walking out! Also, there is the overriding question of the necessity of retaining
confidentiality about your plans so as to ensure competitors do not take advantage of you in the delicate period of finalising your exit. A good example of the problem in divulging your exit intentions to employees is the following story told to me by an owner of a small business.
‘I have sold two businesses in my life,’ he said. ‘In the first, I was inexperienced and did not tell my employees that I had received an offer from a competitor until the sale agreement had been finalised. As it happened, I lost my sales manager (who had excellent relationships with my biggest customers) and the sale nearly fell through as a result.
‘In my second business (which was IT-based) I thought I would not make the same mistake again and when I started to plan to sell I advised my IT manager and other key employees of my decision. When I was close to finalising negotiations for a sale, my IT manager (the most important employee of all) told me he was leaving! It took me 12 months to replace him, during which time the sale was put on hold, turnover dropped and the eventual purchase price was reduced. You can’t win.’