Talking to employees of the business is one of the best ways to access information on how the business runs, what works, and what doesn’t. Involving the employees in the process will not only foster a positive employer-employee relationship but can also be a valuable tool for the prospective buyer.
Asking the employees questions can be a window into how the business is run. Some of the more illuminating questions are:
Are you happy in your job?
Is there anything you would like to see done differently?
What is your relationship like with the current owner?
What is the best part about coming to work?
What is the worst part about coming to work?
Positive reports from the employees will help give a good idea of how to run the business by following in the owner’s footsteps Negative reports are also valuable in that they show where the previous owner was unsuccessful, and therefore how to run the business more effectively.
It has been shown time and time again that involving employees in decision-making processes, and that showing them that the management values employee opinions both increases profitability and decreases employee turnover rate. Talking to the employees from the outset establishes a positive precedent, and clarifies how the business is actually run.
