How to announce new ownership of business

Introduce the new owners at the formal announcement meeting, if possible, and provide all employees with as much information as possible about the new owners and their goals for the company. It can either be a change in ownership or management. We want to bring to your notice and announce that our firm, name of the Existing Firm located at Address of the Firm is being transferred to the new owner Name of the New-Owner.

Describe in your own words. The change in the ownership would be effective from Date from which the Ownership of the new owner will be effective. We intend to notify you, through this letter, that there is no change in the management and policies of the store.

Explain the actual cause and situation. Cordially Describe your requirements. Expecting to seek the same shortly. Tips to write a Change of Ownership Announcement Letter —. The Change of Ownership Announcement Letter should include relevant details like changes in the existing contracts and renovation of policies.

It must briefly include the history of the new owner, work background, experience, qualification and USP to run the business without endangering its smooth functioning. This will help to maintain the relationship. All Rights Reserved.Small-business environments are often close-knit, and announcing a major transition, like a change in ownership, can come as a shock to employees.

Prepare for this announcement by evaluating how employees will be affected by the move and come up with answers to predictable questions and concerns. Don't spring a change in ownership on your employees without having pertinent details to give them. Partial or incomplete information can be worse than no information and can cause workplace stress, reduced productivity and even resignations.

Don't let word of the transition make it into the rumor mill before you have an opportunity to address staffers on your own.

Small Business Questions & Answers

If there's something you don't have firm details about, let employees know you'll provide information as soon as it becomes available. Plan to make a group announcements when everyone is present.

You can provide an overview of the general terms of the transition, answer questions and then move on to small group and individual meetings to discuss how the transition will affect different departments. Be upbeat and positive, if possible, and explain why the transition is being made.

If the ownership change brings the potential of new opportunities for employees, emphasize this in your meeting to get staffers enthusiastic about the future.

One of the biggest concerns of your employees is whether their jobs are safe. If the transition in ownership will result in mass layoffs or major changes to the way the company operates, be prepared for significant concern and disappointment from your employees. Answer questions as thoroughly and transparently as you can, provide timeline information for changes and try to be supportive and encouraging, making an effort to help with job relocation and placement, if possible.

Hearing news of a change in ownership is likely to come as a surprise, and employees may not catch all the details when you make your announcement. Follow up with a written overview of the transition, including information about the new owner. Employees can refer to this as they digest the information.

Have a follow-up meeting shortly after your initial announcement to answer questions you weren't able to answer at first. If possible, have the new owner attend a group meeting so you can introduce employees and initiate a smooth transition. The new owner should be prepared to discuss her operating goals and strategy and provide employees with a glimpse of the new company's corporate philosophy. Encourage the new owner to schedule one-on-one meetings with key employees in your company.

Getting well-respected managers on board and comfortable with the change will help ease the transition. Lisa McQuerrey has been a business writer since Inshe launched a full-service marketing and communications firm. McQuerrey's work has garnered awards from the U. She is also the author of several nonfiction trade publications, and, inhad her first young-adult novel published by Glass Page Books. Announcing New Procedures.

Share on Facebook. Work Out the Details Don't spring a change in ownership on your employees without having pertinent details to give them. Hold Group and Individual Meetings Plan to make a group announcements when everyone is present. Offer Reassurances One of the biggest concerns of your employees is whether their jobs are safe. Put It in Writing Hearing news of a change in ownership is likely to come as a surprise, and employees may not catch all the details when you make your announcement.

Introduce New Owners If possible, have the new owner attend a group meeting so you can introduce employees and initiate a smooth transition. Photo Credits.The following business announcement wording ideas offer a perfect example to the type of wording you can use to notify those individuals. These have been used by other businesses and are intended to serve as samples to encourage your own unique and personalized message.

how to announce new ownership of business

We are now open for business [address]. Exciting News. A new chapter has begun at [business name]. An Open House and Dedication Ceremony is scheduled on [date] at [time]. Please be our guest at the Grand Opening of our new store [business name] on [date] from [time] to [time] at [address]. You can now find us at our new location at [address].

One of the most important aspects of starting a new business is knowing where to find and how to keep your customers. The initial start up phase begins with developing a marketing plan for both online and offline.

Maintaining financially savvy and keeping a positive cash flow will help to avoid potential pitfalls in the future.

how to announce new ownership of business

This and more important strategies for your new business can be found in the following infographic. Share Pin Tweet.Before you hand over the reigns of your business to a new owner, such as in a company buyout or to a succeeding family member -- and before you make any announcements about the transition -- you'll want to plan ahead and tread carefully.

The key to transition planning is making sure all of your bases are covered thoroughly, because any type of change for employees can call into question just about everything: their positions, their salaries, their benefits, their supervisors, and just about anything else associated with their work lives.

Respect is essential, so put your ownership-transition announcement in both formal written and verbal formats to ease the nerves of your employees and maintain morale.

Write an outline of all relevant information that department heads, supervisors, employees, clients and vendors will want to know, such as changes in policy and procedure, new personnel, promotions, change in work duties -- and a timeline for when these events will take place.

Create a timeline for announcements to each team by hierarchy. For example, inform all vice presidents first, then department managers and so on, so that each supervisor has the information necessary to share with employees later to answer their questions and alleviate their concerns. Put your ownership transition announcement in writing first, such as in a company press release, then have a speech prepared to announce the change to the entire organization in a formal company meeting where you provide handouts of information.

Make the announcement ahead of time. The last thing you want to do is spring the news on your employees at the last minute.

Change requires an adjustment period, and employees will be more willing to do a good job if they feel they are given adequate information ahead of the actual transition, for example, such as two weeks prior to the transition. Introduce the new owners at the formal announcement meeting, if possible, and provide all employees with as much information as possible about the new owners and their goals for the company.

Have key personnel in place informed and ready to answer questions in open breakout meetings after the initial company-wide announcement, such as in question-and-answer sessions. Let each employee know explicitly how each of their positions will be affected by the change in ownership. They will want reassurance that their jobs are safe. Change is difficult, so keep the lines of communication open between supervisors and employees at all times. Anna Windermere started her writing and editing career inupon graduating from the University of Florida's esteemed journalism school with a bachelor's in journalism.

Skip to main content. Tip Let your employees down gently -- but be up front and honest -- if the ownership transition will have any negative impact on their jobs. Give them alternative options, such as taking unemployment, right away if any new terms of their employment do not suit them.

About the Author Anna Windermere started her writing and editing career inupon graduating from the University of Florida's esteemed journalism school with a bachelor's in journalism. Accessed 10 April Windermere, Anna. How to Announce an Ownership Transition. Small Business - Chron.After decades in business, it's time to trade in bookkeeping for beaches and sales quotas for siestas.

how to announce new ownership of business

Soon, I will be signing the sale papers and relinquishing the throne to a new owner. I'm about to announce the sale of my business to my customers. What should I include in this letter to keep customer retention high during this period? Odds are the buyer was attracted to your book of business as much as your business.

Keeping your customers happy during this transition time will be mutually beneficial. We have compiled a few guidelines for writing such a letter. Infuse the letter with information specific to your company while following this basic outline:.

However, if the closing date of the business sale is imminent, send an email announcement as soon as possible. Share This. Sincerely, "Saleing" Away. Dear "Saleing," Odds are the buyer was attracted to your book of business as much as your business.

Include a brief description of the new owner s and when the sale date will be effective. Emphasize the business will continue to offer the same services at the same price. If this is not the case, briefly explain any pertinent changes and when customers will need to make a decision. Provide more background on the new owner sincluding relevant business experience and why the new owner has your endorsement.

Include a telephone number and email address where customers can contact you and your staff to discuss any questions they may have about the business sale. Good luck as you transition out of your business. My Account Sign in Customer Service. Follow Us. All rights reserved.

10 New Business Announcement Wording Examples

Disclaimer: BizFilings is not a law firm and does not provide legal advice. If legal advice is required, please seek the services of an attorney.A business sale is one of the most difficult transitions in the life of a company.

As the seller, it is critical to help guide your customers through the transition, and to provide reasons for them to remain with the business. This is obviously true if you have a financial stake in the company after the deal closes if you're financing part of the sale, for instancehowever, it's also true if you don't have any direct financial motivation.

Simple: it's the right thing to do for the customers, it's the right thing to do for the new owner, and it's the right thing to do for your reputation. As with your employees, professional and clear communication is the key to successfully guiding your customers through the business-ownership transition process.

By carefully and strategically informing clients especially the more valuable ones about the sale and building their confidence in what lies ahead, you will help them make good choices, help the new owner succeed and, in so doing, continue to build your reputation. It's important to be timely in your communications with clients. Otherwise, key clients could learn about the transition from media outlets, competitors or other sources--and there's no guarantee that the information your clients receive from these sources will be accurate.

This could cause your clients to make poor decisions that could reduce the selling price if they find out before the deal closes or hurt the ability of the new owner to succeed. Be mindful of the need to preserve confidentiality early in the process and coordinate the release of information with the new owner, but don't wait too long. You want your customers to be well informed and to base their decisions on facts so the earlier you can communicate information to important clients, the better.

If you're unsure about timing and confidentiality issues, consult with your broker and other trusted advisers who have successfully sold businesses in your industry. It's important to communicate information about the transition with your most important accounts first. At this point, your relationship with these clients should be solid, so your goal is to ensure that they remain with the company after the transition to new ownership is complete.

Whenever possible, provide these clients with comfort, confidence and an assurance of the financial strength of the business. Also, be sure to address how the ownership transition will continue to provide them with the same high-quality service they've come to expect and, potentially, even benefit them or their companies.

As you might expect, clients will have specific concerns during an ownership transition. Is the new owner a person of high-integrity? How will the company's relationship with the client change, if at all? When appropriate, discuss the transition with your customers, including the level of involvement you will have with the company going forward. Be direct and provide as many details as you can at each stage of the process.

Be sure to address in collaboration with the new owner any concerns about outstanding pricing arrangements or warranty agreements. When you communicate the business sale to customers it's important for you to remain enthusiastic, positive and confident in the new owner's abilities.

The key is to build customers' continued confidence in the business and instill their confidence in the new owner. During your ownership tenure, communication undoubtedly helped you maintain a positive relationship with your clients.

Now that you're selling the business, communication will affect your clients' decision to stay with the company as well as your reputation in the industry. By communicating confidently, clearly and strategically your clients will be more likely to embrace the new owner and continue to enjoy a positive relationship with the business.It can either be a change in ownership or management.

We intend to notify you, through this letter, that there is no change in the management and policies of the store. Jessica Pearson.

The store was co-owned earlier by Mr. John Hardman and Ms. The change in ownership would be valid from 18th December We intend to notify you, through this letter, that there is no modification of the management and policies of the store.

Assignment Point - Solution for Best Assignment Paper

We ensure you that we are going to sustain the reputation and standing that we have managed to build for over 25 years, by assuring you that the supreme quality of products and top-notch services will remain the same.

We had to take the step of changing the ownership of the firm because Ms. Hardman is mentally and emotionally ill and unfit to continue being the co-owner. Still, we assure you that the sole-owner, Ms.

How to Announce an Ownership Transition

Pearson would handle the store with her sheer dedication and experience in the clothing industry. You have always been our valued client and have trusted us from the very beginning and also in all the odds, for which we are very thankful to you — expecting to seek the same shortly.

You have always been our valuable customer and have trusted us from the very beginning and also in all the odds, for which we are very thankful to you — expecting to seek the same shortly. Letters Privacy Policy Contact Us. Also, material changes to the rules and regulations of the company should be disclosed. It must briefly include the history of the new owner, work background, experience, qualification, and USP to run the business without endangering its smooth functioning.

This will help to maintain the relationship. Change of Ownership Announcement Letter Template:. Use our free Change of Ownership Announcement Letter to help you get started. November 18, Subject: Change of Ownership Announcement Letter. Dear Mr.


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *