Buyers, like sellers, are often nervous and want to talk about the transaction as soon as possible. The important thing is to manage the stakeholders well: employees, customers, suppliers. The objective is to ensure continuity of operations with the least disruption possible. Insecurity is always pervasive when there is an information void, and that is where gossip begins and can create uncertainty.
It is important to manage everything with leadership, to clearly identify the messages and above all to manage the announcements over time. The transaction must be very risky. It would be counterproductive to announce a sale if it does not happen. More harm than good would be done.
In the good moves we have seen, these include buyers who have been accompanied by communication professionals. We had groups that took the time to discuss this between buyers and sellers, prioritizing individuals and choosing messages.
Many buyers have a special loyalty to certain loyal employees, and they want to advertise to them first. Be careful, a secret known to more than two people is no longer a secret!
Among the factors to consider, you have to think about the number of sites that have employees, the mix between face-to-face and remote, the normal means of communication. For example, if a company always has a meeting on Monday morning at 9 a.m. and a new meeting is added at 2 p.m., concerns about the content of the 2nd meeting could create “noise”.
It is always also necessary to manage the number of parties who are aware. During the diligence, the behavior of the sellers, the number of meetings, the documents released may have raised eyebrows among employees. If authorizations are required, professionals in the field may be aware. In short, the closer you get to the date, the more it becomes an art to keep everything confidential. Fortunately, in most cases, sellers did not have to put emergency communication plans in place.
Do not neglect this aspect, too many people focus on the financial and the transaction and forget about the individuals who will be affected.