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by a searcher from Babson College - F.W. Olin Graduate School
in Boston, MA, USA

9yrs ago

Employee Conversations

I would like to know if anyone has any advice on conversations with employees of a target business. I've run into a couple of situations where employees are well aware that a business is for sale. When would people say it's appropriate to ask to speak to a few employees to get their thoughts on a business? Pre/post-LOI? It depends? What types questions would people consider to be inappropriate or shy away from? Any feedback around successes/ failures people have had would be appreciated. Thank you!

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reply by a professional 9yrs ago
from Boston University in Las Vegas, NV, USA

It was great to meet you last night at the meetup, Matt. It's one of the first questions I ask. My LOI includes language to allow for discussions with employees, though in each case I've had so far, the seller has only trusted one or two individuals with the information. Obviously if it's brokered and the name of the company isn't listed, I make the assumption employees don't know, but I always ask nonetheless. I don't expect you'll be allowed to speak with employees if the information isn't public about a potential sale. If it is, as in my previous life, I'd ask early and often in order to understand and gauge the culture. I look forward to learning what people's experiences have been.

reply by a searcher 8yrs ago
from Hong Kong University of Science and Technology in Miami, FL, USA

Hi, Matt. Great question. In my experience I always try to connect with employees and several of them. NEVER mention interest in buying a company because it could send off the wrong distress signal and potentially upset the owners. This being said, PRE LOI is definitely suggested. Position as a potential client to learn and understand their prospect on-boarding process (and get ideas of things that work or need to be improved) as well as potential employee or strategic partner. This could give you insight to operations, management style, company culture and even ownership structure and reasons for a potential sale. Glad to discuss more if you'd likeredactedBest of luck on your search !