Communicating the sale with shareholders and staff
Q: Tips on communicating with internal stakeholders ie shareholders (including “tag along” and “drag along”) and staff to understand the impact of the sale and ensure key staff do not leave?
As with any communications strategy, a well thought out plan with clear processes is highly important. When the strategy concerns external stakeholders however, a number of key considerations need to be taken into account.
When a business is being sold, there is nothing worse in a communications plan than lack of control which can be the catalyst for the rumour mill. Therefore the goal of the communications plan should be to provide regular and transparent information to the recipients concerned. Information should be as full and frank as possible while maintaining 100 per cent truthfulness.
You should always take into account the impact the sale will have on external stakeholders. Suppliers may be reliant on your business and therefore concerned about their own livelihood. The local community will also have to be informed as jobs will directly affect the local economy which means you have a PR strategy to consider. The following steps will go some to ensure you have a successful communications strategy.
Define the strategy – Communication needs to be organised, developed and built allowing you to maintain control. Define what your objectives are, how you can meet them and who is responsible for them. Even a plan for small scale communication will facilitate you and guide you through the process. Depending on your objectives, you may want to consider separate strategies for separate target groups.
Target Audience – When selling your business, external target audiences will most likely be different. In this case, suppliers are a separate group, and may require a separate strategy, to the local and/or general public.
The Source – Where and who the information comes from is key. A trusted and well respected spokesperson is recommended as this will add credibility to what is being communicated. Selling a business is a major event in most communities so leaving the message to an unknown PR company, for example, may not have the desired impact.
The Message – Obviously the message itself is of the utmost importance. As mentioned previously, openness and transparency is key. Naturally, not all information may be divulged, however you should prepare to handle requests for further information in a positive and open manner.
The Channel – How your message reaches your audience will also affect the credibility and objectives of your message. For example, email may not be appropriate for important sale information when communicating with key suppliers while certain publications or forms of media (radio, etc) may be more targeted than others when attempting to reach sections of the general public.
Feedback – The strategy does not end when the message is delivered as communication is a two-way process. Anticipate and be prepared for feedback, both positive and negative, and know how you will respond. How you react to external stakeholder feedback could be crucial to the success of your entire communications strategy.
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