How Do You Tell Employees You're Going out of Business?
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?
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!
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
ELAINE M LISS commented:
If they are on comision /how about doubling it for the final month,
IF they stay to the end?
