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About Mount Sidney, VA
Mount Sidney is a part of the Augusta County region of Virginia. The nearest cities to Mount Sidney are Staunton and Waynesboro. Among the biggest companies in Mount Sidney are Crosby Trucking Service Inc and Environmental Drilling & Contracting Inc. The biggest schools here are Cassell Elementary School and Mount Sidney School. One of the best places to visit when you are in Mount Sidney is Huffman Lawn & Garden. Among the biggest churches in Mount Sidney are Mountain View Church of Christ and Mt Tabor Lutheran Church. The nearest museum to Mount Sidney is Harrisonburg Rockingham Museum. The Mary Baldwin College is located in Mount Sidney.
Best Businesses in Mount Sidney, VA
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Copper is the New Bullion
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When To Tell Employees that Business is for sale
There are two prevailing thoughts when it comes to letting your employees know about the pending sale of their business, certainly this is one of life's biggest decisions. Owners most always feel it is important to be honest with their employees and make them fully aware of their decision. While that may seem the logical decision, it can sometimes have a more devastating effect than expected, especially if it happens in the early stages. To understand when the time is right, you really need to understand the timeline that occurs when a business is properly sold. Listing&Marketing;—the first stage involves listing of the business and marketing it for sale. This must be done discretely and privately, further discussed below. Letter of Intent—depending on the size of the business, the next step would be a Letter of Intent (LOI) from a prospective buyer. That document should establish price and terms of the offer as well as other particulars of the transaction. It should also provide for a time of due diligence. Definitive Purchase Agreement—assuming you have operated under an LOI up to this point, it is now important that a final purchase contract be signed that spells out all the details of your deal. Due Diligence Period—a due diligence period is a block of time the buyer gets to survey the operation and verify that the marketing and sales materials as well as other assertions that were made are correct. Closing Day—the day ownership passes from seller to the buyer. In order to maximize what the seller will get for the sale, it is imperative that a business be sold under strict confidentiality. I maintain that selling it on your own as a FSBO will ultimately result in a train wreck. Why is that you ask? It should seem logical that the better operating performance of the business, the better price it will command. Your goal before, during and right up to the closing day is to make your Company operate at peak performance. From experience, I know that deals can blow up any time prior to the last step, closing day. Why would you ever want to prep your employees for the sale and at the eleventh hour it does not occur? This is the primary reason they should be the last to know. Advance knowledge of this event will always result in distortion of the facts and create low employee morale and could lead to key folks seeking other employment, sometimes with competitors. Your Buyer wants your Company because of your recipe for success. Employees leaving prior to closing will give them reason to re-look at their desire for the Company. Further, low employee morale will ultimately raise its ugly head in sales declines and general discontent and grumbling within the culture of your Company. Nobody wants that and you definitely don't want that prior to closing. The proper time of the big reveal is days before the closing. At that point, we are relatively sure the event will occur and it will be a time when the Buyer and Seller can work together to orchestrate the entire event. Employees want to feel good about their new employer and that life will be at least the same if not better in the new organization. The perfect scenario would result in gathering all of employees at the same time with both the Buyer and Seller present. The Seller would lead off by explaining their motivation and why this decision was necessary. Hopefully, they would also explain why they feel the buyer is a perfect fit. At that point, the seller would seek to build morale and explain their vision going forward. Let's face it; the employees basic need is to feel secure with the new owner and both of you should seek to satisfy that need.