Aug 27, 2019 5:00:07 AM
By Coastal Payroll
When you’re thinking about selling your business or are initially starting the formal process, do you think much about your HR department? You should!
Times of growth, leadership transfer or other changes can open your business to increased exposure and vulnerability. Having your HR “ducks in a row” can help limit that allowing the sales process to move forward seamlessly. Here are three (3) ways we help our HR Elite clients through these processes:
As your HR consultant, we can go in and see how your HR systems are running. We can check for issues and provide tools and resources that can get you back on track, if necessary. We can also provide strategies and advice for areas that just aren’t working as efficiently as you’d like. This could potentially make your business more attractive to a prospective buyer.
With the sales process will come a series of audits. Auditors will come into your business, including your HR department, to assess your systems — looking for areas that may be out of compliance. As your HR consultant, we can look for those before the audit process starts, so there won’t be any surprises along the way. Whether you need to make changes now or just need to disclose things, knowing what’s lacking can keep the process moving forward.
If the sale of your company is coming with a leadership change or reduction in workforce, there are a number of tricky conversations coming down the road. As your HR consulting team, we can step in and help you have those conversations early, and well. We can help you forecast questions that will arise and answer them thoroughly to avoid as many casualties as possible.
So often in the HR world, we hear “I don’t know what I don’t know.” And that’s especially true when you’re looking to sell your business. You may not even know about the skeletons in your closet that could come to haunt you as the sales process begins. We get them out into the light of day and help you face them realistically and practically, so you can close the sale you’re hoping for.
Are you wondering if it’s the right time to become an HR Elite Client? Learn more here.