Buying a Business and Keeping Staff

Buying a Business and Keeping Staff

Why staff are so crucial to your new investment.

By Marcia Smith

Are you in the middle of buying a business? Not sure whether to keep the existing workforce?

In most cases, it’s advisable to keep staff on, at least in the short term.

The existing staff of a business are an intrinsic part of the company. You haven’t just bought a name, stock and premises, you’ve bought a wealth of knowledge, skills and experience. By getting rid of staff you may be effectively throwing some of your investment away. Indeed, you may have to work hard to encourage employees to stay on.

You should, of course, review how well employees are performing and consider whether there are any efficiency savings to be made. However, this is best done after you’ve had the chance to see how the business performs. The last thing you want to do after purchasing a business is alienate the employees — they are the life and soul of a company