How Do You Tell Employees You're Going out of Business? - Behind The Counter

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Shanu Singh Guliani

How Do You Tell Employees You're Going out of Business?
May 22, 2008

The time has come for my parents to close their Florida jewelry store. They have decided it is their time to retire and enjoy the good life. Fortunately, our store in North Carolina is doing great and I have asked them to help grow this store. The first thing they want to do is tell their employees. How do you do it and get them to stay until the very last day? Like my folks, any business owner would want to pull out as much cash as possible with some sort of going out of business or retirement sale—certainly they will need the staff to stick around until the very end.

Of course mom and dad are going to deliver the news in a truthful manner, offer compassion, but state the facts. I know their employees will have questions and I know my folks will try and answer them to the best of their ability. I have told mom and dad to make sure to offer future help such as providing references or calling potential employers on their behalf. Though the main question is still—How do you get them to stay until the very last day? Do you consider help in the form of one week worth of pay while they hunt for a job? Two weeks worth?

Posted by Shanu Singh Guliani on May 22, 2008 | Comments (3)

Industries: Diamonds, Gemstones and Pearls, Jewelry Retail News, Precious Metals, Watches

May 26, 2008
In response to: How Do You Tell Employees You're Going out of Business?
ELAINE M LISS commented:

If they are on comision /how about doubling it for the final month, IF they stay to the end?

May 26, 2008
In response to: How Do You Tell Employees You're Going out of Business?
marc cohen commented:

"Breaking Up Is Hard To Do" is not just a great oldies tune but a sad fact of life! There is nothing easy about saying goodbye! Not sure how difficult this actually is in your parents case. I live in the neighborhood and heard about their plans months ago. Regardless, there is always a right way to leave. Letters of reccomendation, vacation and bonus pay that has been accrued and any severance pay if this can be managed. The faithful clients of your parents should be sent a note, thanking them for their loyality and if possible a name or reccomendation where to take their items in for repair. "Whether the sale is "retirement" or "closing business", it will ring the same in the ears of the bargain hunters. If your parents are prepared to let go of inventory at deeply discounted prices. They need to ask if this is the way they want to exit out of the business. Its always best to close the door lightly then slamming it shut. Good luck to your parents, may they enjoy many peaceful years of retirement. Marc Cohen Marc @eyeson.biz

May 26, 2008
In response to: How Do You Tell Employees You're Going out of Business?
diamondareforever commented:

If your other business is doing as well as you described then try to sell the business to another company and everyone wins!