Time to Sell? Maybe (Part 3).

Certain macro economic trends indicate now may be a good time for business owners to explore a sale of their businesses. Employee recruitment and retention in the time of the virtual workplace is another factor trending in favor of a sale.

Employee retention

Business owners have managed unprecedented employee issues and turnover since the pandemic began. If possible, businesses adjusted to remote working –filled with social distancing and Zoom meetings. Such practices have even affected hiring, with many employees being interviewed and onboarded without ever meeting a coworker in person. 

While this paradigm shift has been lauded for its lifestyle improvements for employees and larger candidate pools for employers, it has resulted in numerous challenges. In 2021, a record 47.4 million Americans voluntarily quit their jobs, and this trend has only accelerated in recent months. Frustrations with remote work, COVID policies and burnout have all contributed to employee attrition. Additionally, employers are now competing with businesses all over the country and across industries for the best talent. 

Employee turnover and vacant positions result in a lack of efficiency and productively as well as loss of time and resources in training employees who do not remain employed for long tenures. Moreover, compensation and lifestyle demands are on the rise, and so the problems will likely continue to compound.  

A business is only as good as its workforce, and many business owners are learning the hard way that employee loyalty and retention is not what it used to be.  Employers may not want to fight an escalating war to attract or retain employees, and instead look to sell while their workforces are still largely intact.