In my opinion, this consideration should be part of the M&A process before the deal is closed. Generally, its best if the change of leadership and management is done gradually. In most of the M&A deals that I’ve been involved, we won’t acquire 100% right-out, usually we take a majority stake and have the controlling rights. We let the founder and his management team to run the business under our guidance, till his/her remaining shares are bought over which was agreed in the put/call option. Then when he/she leaves, we bring in a leader, at that point the transition would be smooth, most management staff would be comfortable to stay on.
