What happens to us? After you’ve purchased interest in a Sarasota business, you’ll hear this question. The employees of your new store or office will want to know where they stand. Do you plan to clean house or offer new contracts to current workers? Staffing is a crucial task when buying a business in Sarasota, and several things can happen on your first day. Let’s talk about what to do with your new business employees.
Do They Stay, Do They Go?
Once you assume command of your new business, you’ll see the financials. Your goal of growing your company corresponds with your relationship to your employees. You’ll need to consider payroll, raises, and performance bonuses. Conversely, the workers coming with your business have considerations, too.
It’s not uncommon for some workers to “jump ship” when a change in management occurs. It may not be related to your ability to lead, but rather seen as an opportunity for change. If you sense more than one employee is looking elsewhere, have a plan in place. A sudden shortage of staff could put your business at risk before you get started.
Evaluate Your Employees
Glean what you can from the current owner of the business you want. Who are the top performers? What incentives can you offer to keep them on board? What perks will you bring to the table to foster a friendly work environment?
Competitive pay and solid benefits give employees peace of mind during a transition. You may want to consider other perks not practiced by your predecessor. Adjusted sick and vacation leave, for one. Reimbursement of coursework taken for advancement may also benefit your business in the long run.
Supplementing Your Workforce
When the time comes to hire more people, your employees may also help sell your business. A candidate for a job may take clues from current staff to determine their fit. If your workers are happy, you are likely to receive more acceptances. Consider, too, the idea of asking staff to refer potential new hires, and offer a bonus for every successful hire.
Happy employees make for a profitable Sarasota business. To help you achieve this success, a business broker can help. Steve Van Leeuwen knows every aspect of building a business, including employees relations. Contact Steve today when you’re ready to get to work.