DON’T GO! SURGING BUSINESS SALES MAKE STAFF RETENTION A MUST
Offers of training and stock in their new employer weren’t enough to keep four out of his five staffers when Dennis Chow sold his information technology firm in 2016.
Chow and the buyers learned one of the hard lessons of a business sale — despite their best efforts, some employees will leave. People departed from both companies when SCIS Security acquired Chow’s Houston-based Xtec Systems, most of them workers who didn’t like their new assignments.
“We lost maybe 25 percent of the overall workforce,” Chow says.
As the number show more than 2,700 small businesses changed hands during the second quarter, the most since the count began in 2007. The trend is being driven in large part by retiring baby boomer owners.
