Business Owner’s Guide:
Approaching your Leadership Team
When the time comes to selling your business, it can be a daunting time for your workforce. Considering employee ownership is not only an inclusive decision but one that benefits you and your employees. However, approaching your employees must be considered carefully and requires clear communication and a collaborative mindset. We suggest you approach the senior leadership first.
By following our step-by-step guide and demonstrating the benefits, you can advocate a model that will empower your employees and turn a daunting prospect into an exciting opportunity.
10 steps to approaching your Senior Leadership Team
Step 1. Understand the Concept
Before approaching your leadership team, ensure you have a solid understanding of what employee ownership entails. Research different aspects, the process and how the Valloop Exchange works. Start by looking at our Insights section. A clear leadership team from within your employees can become a great source of inspiration and support for a transition of your business to employee ownership.
Step 2. Assess
Evaluate your company's financial health, culture, and employee morale – is it the right time to approach? If there have been recent layoffs or redundancies, now might not be the best time. By waiting until the workforce feels settled and ready to take on this change you will get a better reaction.
Step 3. Educate
Learn about the potential benefits of employee ownership to build a stronger sense of ownership and commitment among staff. Use your findings from Step 1 to highlight how it aligns with the company's values and goals and address potential concerns or objections the leadership team may have.
Step 4. Identify Champions
Identify key people within the leadership team who will be supportive of the idea and act as champions for this move. Seek their input and support before presenting the proposal to the broader team.
Step 5. Present the Idea
Once you have the key people, present the idea in person, not over email. Emails can get misconstrued, and it is best to talk about substantial changes face to face to gauge their initial reaction. Use the learnings from Step 3 to support and address any questions raised by the team.
Step 6. Encourage Discussion
Encourage an open and constructive dialogue during the meeting. Ensure team members feel comfortable to share their thoughts, ask questions, and express any reservations they may have.
Step 7. Give Time to Address Concerns
Offer some time for the leadership to go away, research and come back with any concerns or objections. Ask them to visit the Valloop Exchange and familiarise themselves with the concept and process. You could also suggest they subscribe and take our readiness test.
Step 8. Realign and Develop a Plan
Once all concerns have been addressed and the leadership team agrees to move forward. Realign and develop a plan for moving forwards. Assign responsibilities, set timelines, and establish clear goals and metrics for success.
Step 9. Empower the Workforce
Once the decision has been made and the top-level plan is in place, communicate the news to the rest of the employees in a transparent and inclusive manner. We suggest doing this face to face. Make sure the leadership team owns this and provide information about what employee ownership means for the employees and how it will be implemented.
Step 10: Let the Leadership Team – Lead
It might be difficult at this point to step away, but a successful transition is always led by the leadership team. Support them but make sure you allow them to lead the process and just be guided by you. This will help them feel a sense of ownership from the very beginning.
