How to Manage a Change in Ownership (when Taking over a Business)
Change management is a skill that most leaders and managers will have to employ at some point in their careers – and business buyers will have to learn the basics almost immediately., Occupational Psychologist Will Schutz believes that people have...
Step-by-Step Guide
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Step 1: Change management is a skill that most leaders and managers will have to employ at some point in their careers – and business buyers will have to learn the basics almost immediately.
People react very differently to change; some thrive on it, while some prefer stability.
The key during a transition is to ensure that everyone feels included in the new regime.
As with most strategies in business, the key is managing expectations.
According to theory, most employees will be shocked or angry if they discover that a business they have worked hard for is being sold.
Most will expect the worst, causing an immediate drop in morale.
An immediate goal will be to convince your team that, not only is the takeover not a disaster, it could actually lead to a brighter future. -
Step 2: Occupational Psychologist Will Schutz believes that people have three needs during a period of change – the need for control
, It will also help you recognise that not all your team will react to change in quite the same way. , You will be able to identify these after an interview. , It will also make it clear that their development is at the top of your priorities. ,, He believes there are several other key steps that a business buyer should take. , If you are buying a business, you need to make it clear why you are buying it, what the vision is and where people will fit. “People are bound to be unsure.
The classic question will always be: what does this mean for me? You need to engage in a helpful way.” This does not necessarily have to mean producing “mission” and “vision” statements – which can seem a little cheesy to the typical, rather cynical British workforce. ,, Other experts suggest implementing staff incentive schemes linked to their new objectives and perhaps introducing new perks along the way.
This could be one way to convince employees that you are not about to ransack the firm. , It’s not just about money.
We need jobs that are challenging, stretching and give us a sense of community.” , -
Step 3: the need for inclusion
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Step 4: and the need for openness.
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Step 5: Individual interviews and strategies for each of your employees can be an ideal way to satisfy all three needs.
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Step 6: A key to employee happiness is for them to feel that they have a number of options that they could pursue
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Step 7: be it in the short term or long term.
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Step 8: A one-to-one session during which you present these options
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Step 9: perhaps together with some new objectives
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Step 10: can further help develop your personal relationship with your staff and their sense of being valued.
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Step 11: It is also an opportunity for the new owner to communicate his or her goals to the team – satisfying that need for openness
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Step 12: and also allaying any fears the individual might have.
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Step 13: Professor Malcolm Higgs heads up the school of Leadership
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Step 14: Change and Human Resources at Henley Management College
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Step 15: and has spent many years as a consultant in the private sector.
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Step 16: “The first point is quick communication.
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Step 17: He adds that the skillful manager must quickly get to know his staff
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Step 18: clearly demonstrating that he or she is genuinely interested in their role
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Step 19: their future and their well being.
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Step 20: 'Team playing' might be a cliché in business
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Step 21: but it is important to make the employees feel like they are a 'great crowd' and are at home in the workplace.
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Step 22: Financial incentives can help
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Step 23: but Higgs adds: “Recent research shows that people look for a sense of purpose and meaning in their work and organisation.
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Step 24: Other 'hygiene'- type factors are equally important
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Step 25: he adds – the quality of the office environment
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Step 26: for example.
Detailed Guide
People react very differently to change; some thrive on it, while some prefer stability.
The key during a transition is to ensure that everyone feels included in the new regime.
As with most strategies in business, the key is managing expectations.
According to theory, most employees will be shocked or angry if they discover that a business they have worked hard for is being sold.
Most will expect the worst, causing an immediate drop in morale.
An immediate goal will be to convince your team that, not only is the takeover not a disaster, it could actually lead to a brighter future.
, It will also help you recognise that not all your team will react to change in quite the same way. , You will be able to identify these after an interview. , It will also make it clear that their development is at the top of your priorities. ,, He believes there are several other key steps that a business buyer should take. , If you are buying a business, you need to make it clear why you are buying it, what the vision is and where people will fit. “People are bound to be unsure.
The classic question will always be: what does this mean for me? You need to engage in a helpful way.” This does not necessarily have to mean producing “mission” and “vision” statements – which can seem a little cheesy to the typical, rather cynical British workforce. ,, Other experts suggest implementing staff incentive schemes linked to their new objectives and perhaps introducing new perks along the way.
This could be one way to convince employees that you are not about to ransack the firm. , It’s not just about money.
We need jobs that are challenging, stretching and give us a sense of community.” ,
About the Author
Sharon Baker
Creates helpful guides on lifestyle to inspire and educate readers.
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