Reply To: Existing owner has one year contract, but wants to do it their way…

#112703

Denise Gingolaski
Participant

Hi Gary – I have seen a version of that too in my company’s acquisitions. These owners feel that the company is still theirs, but they were paid to give it up. It might be too late for any current issues, but in the contract, it should be stipulated that the former owner has to do “x” “y” “z” and if they don’t, then they will be let go sooner than the contract.

For current situations, you could just pay them for the rest of the contract, and let them go early. If they are getting a salary for the year, just pay it to them and let them go. It will end up being more cost effective then dragging out the integration.

Our company has also not had prior owners stay for more than a month or so. The former owners really hamper the new culture you’re trying to build with the employees that are staying.

Denise

Loading.. Please wait