Preparing Key Vendors and Customers for the Sale with Bill Kelly

Preserving the business momentum and growth are the key considerations.

Consider Addressing the Sale in Advance with Key Customers and Vendors. During your ownership of the business maintaining good your communications with your clients and vendors was undoubtedly one of the reasons for your success. Now that you're selling the business, good communication with your clients and vendors will affect their decisions towards the new owner.

Just Prior to or Quickly After the Sale It's important to inform your key clients. Otherwise, they 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.

Be Clear and to the Point Professional and clear communication is the key to successfully guiding your customers through the business-ownership transition process. Carefully inform clients, starting with the most valuable, about the sale and building their confidence in the new owner and the transition process.

Be specific and prepare your remarks in advance. Consider planning your communications in concert with the new owners’ announcements. Make sure the information your share with Clients is consistent with what the new owner is saying.

Stay Positive and Reassuring: Communicate the business sale to customers it's important for you to remain enthusiastic, positive and confident in the new owner's abilities. Introduce the owner in a short statement that conveys your confidence in his/her expertise and plans for the company. If necessary or helpful, explain why you're choosing to sell your business, what your plans will be after the transition.

Most Important To build vendors and customers' continued confidence in the business and instill their confidence in the new owner. Be aware that you're initial communications with Customers and Vendors regarding the sale will affect their decision to stay with the company or not.

Tags: Closing on your business, business closing, Selling a Business, Business Brokers, Buying a Business, Transworld Business Advisors

Short Bio: Bill Kelly is a Senior Business Broker and Franchise Consultant for Transworld Business Advisors of Richmond, VA. He is also a Licensed Virginia Commercial Real Estate Agent. Bill has been a lifelong Entrepreneur and has personally started or purchased and then sold eleven businesses. He lives in Richmond, Virginia, with his wife Rebecca, and has two daughters, and one granddaughter. Contact links: [email protected]

Social Media: Facebook: https://www.facebook.com/BillKelly1955 LinkedIn: https://www.linkedin.com/in/billkellyprofile/ Website: https://www.tworld.com/agent/billkelly/

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