What to Know When A Business Has Been Left To Someone In A Will
Family businesses can be left to someone in a will. This is not a huge transition if the person that has been left the business has been working there in a leadership role. The person that has not been in a leadership position could let the power go to their head and be a nightmare boss. The following are things that you should know when working for a business that has been left to someone in a will.
The Company Could Be Sold
The truth is that if you are working for a company where the owner left it to a loved one, the company could be sold in the coming months. Not all people want to run a business when they could simply sell it and retire themselves. The ideal situation if the person wasn’t involved is that they sell it to a reasonable owner that isn’t just planning to shut it down due to being a competitor. Unfortunately, this happens in quite a few situations where a new owner doesn’t have any connection to the company.
An Estate Attorney Could Enforce Rules On The New Owner
A business owner should always have an estate attorney if they plan to leave their business to someone. There are those that allow the company to continue running with their estate receiving a portion of the profits.
Owners might want to make sure that the new owner doesn’t lay the entire staff of then outsource all of the jobs. This can be put in their will and can be wise especially if they also felt like their employees were family. This protects the employees from instant termination or huge layoffs.
Processes And Benefits Could Change Drastically
A person that owns the company might want to do a complete overhaul of processes. This could change job roles immensely and lead to employee turnover. Staying at a company that has high employee turnover can be immensely stressful for those that have to constantly pick up the slack.
Benefits can also change which can impact employee retention in a negative or positive way. A new owner might want the work-life balance of employees to be reasonable as they find it helps increase overall productivity as well as the quality of work.
Working at a company that is under new ownership in any circumstance is quite scary. You never know what they are going to do as some companies like bringing in people that have already trained and worked with. The stress of handling new ownership can be mitigated by picking up a few freelance gigs. Losing a job can be devastating but having income can help soften that blow. Looking for jobs during this time is also important as it would be nice to fnd a role you truly want. You might even be able to find a remote role as so many companies are in need of employees.