Salary Increases & Stay Bonuses - Advice Please
I'm in the process of acquiring a small business, and the current owner (mis)communicated to the current team (2 FT, 1 PT employees) that they'd be getting a pay increase at close. While I was considering this, it was never formally agreed upon and I had also been thinking about the potential of a stay bonus. I'm in a sticky situation given the expectation set by the current owner. I'd love to hear from others who’ve navigated this and/or have general advice. Did you offer raises right at close? Did you use stay bonuses to support retention? How did you communicate the decision if expectations were already set? Appreciate any insight on what worked (or didn’t) for you!