It’s not only the title of an old Rolling Stones song but the mantra of some business owners. I recently witnessed this twice and the corresponding uplift when a buyer took over each business. Here’s a great story about how the culture can be changed, quickly – the owner of the coffee shop next to a client’s business said he noticed how happier the employees are since the buyer took over. Wow!
This was about the same time another client told me about how the staff had a very unflattering nickname for the previous owner, which was a play on his name. Is it any surprise there are survey results and articles about how about one-third of employees plan to look for a new job?
I recently changed my phrase for what makes a business buyer qualified (besides money). A good business buyer should be able to manage, to some varying degree, people, processes, money, and enthusiasm (the latter recently added). As per the above vignettes, the enthusiasm part just might be the most important.
Business owners, sellers, and buyers should not assume all is well in paradise (the company). It’s a very employee friendly market and jobs are plentiful. It’s true most people don’t like change but when the grass appears greener on the other side of the fence, they’ll be more tempted than ever to make a move, knowing there are a lot of other options. Buyers especially be careful and perform more due diligence than ever.
Bottom line, in today’s world the overbearing owner who treats people like numbers, servants, or a piece of meat is in for a shock. I know that in the above two stories there were key employees on the verge of leaving until the new owner came into play (key employees usually meet the buyer during due diligence and these employees did meet the buyer).
“Total liberty to the wolves is death to the lambs.” (Philosopher) Isaiah Berlin
It’s not only the title of an old Rolling Stones song but the mantra of some business owners. I recently witnessed this twice and the corresponding uplift when a buyer took over each business. Here’s a great story about how the culture can be changed, quickly – the owner of the coffee shop next to a client’s business said he noticed how happier the employees are since the buyer took over. Wow!
This was about the same time another client told me about how the staff had a very unflattering nickname for the previous owner, which was a play on his name. Is it any surprise there are survey results and articles about how about one-third of employees plan to look for a new job?
I recently changed my phrase for what makes a business buyer qualified (besides money). A good business buyer should be able to manage, to some varying degree, people, processes, money, and enthusiasm (the latter recently added). As per the above vignettes, the enthusiasm part just might be the most important.
Business owners, sellers, and buyers should not assume all is well in paradise (the company). It’s a very employee friendly market and jobs are plentiful. It’s true most people don’t like change but when the grass appears greener on the other side of the fence, they’ll be more tempted than ever to make a move, knowing there are a lot of other options. Buyers especially be careful and perform more due diligence than ever.
Bottom line, in today’s world the overbearing owner who treats people like numbers, servants, or a piece of meat is in for a shock. I know that in the above two stories there were key employees on the verge of leaving until the new owner came into play (key employees usually meet the buyer during due diligence and these employees did meet the buyer).
“Total liberty to the wolves is death to the lambs.” (Philosopher) Isaiah Berlin
“To be or not to be. That’s not really a question.” Jean-Luc Godard
“To be or not to be. That’s not really a question.” Jean-Luc Godard
