Tips for Preparing Your Staff for Transition
After considering prospective medical practice and med spa buyers, you’ve finally decided to merge your business with a private equity-backed medical support organization (MSO). Now that you’re poised for transition, your employees may be wondering what’s going to happen next.
Unless you prepare them for the significant changes, their fear of the unknown can damage their confidence and derail their productivity.
What You Can Do to Ease Your Employees’ Fears During the Transition Period
Help Them Understand the Reason Behind the Transition
If you want to set your employees up for success, you’ll have to make a logical and emotional argument for the transition process. If you help them understand why this is happening and how it benefits them, they’ll likely be more receptive to the coming changes.
Although you won’t have to explain all the details of the M&A process, you can create and share a timeline that shows each of its major milestones. This information can bring comfort to your staff, even those who may not be emotionally on board with the transition.
Keep Them Informed
Hushed conversations and closed-door meetings can promote fear and raise questions. When employees aren't informed about what will happen next, they fill the gaps themselves. It's best to openly discuss the upcoming change before rumors fly and imaginations run wild about who's getting laid off or promoted.
Transitional messaging is vital for ensuring success when it comes to mergers and acquisitions. It's best to give your staff as much information as possible and set up a platform for them to ask questions and voice their concerns. Coming up with a solid organizational messaging plan will help build anticipation rather than apprehension.
Be Honest
Since daily routines and roles may change during the transition process, leading people on in terms of their future employment will only make matters worse when reality hits. It’s best to communicate honestly with those you think will probably be most affected by role changes or duplicate position elimination.
Moreover, early notification will provide them with as much lead time as possible to prepare. You may offer your staff training opportunities for their new roles or paid time off to look for new employment options. Whether they get promoted or fired, notifying them as soon as possible helps ensure a smooth transition.
Assess the Culture
Culture goes far beyond company perks and benefits. As the processes begin to change, you’ll want to assess and evaluate how your current workforce thinks and how they get work done. Be sure to tap into this so that you can identify gaps during the integration process and make the most of your existing practice’s culture.
Looking for Medical Practice and Med Spa Buyers?
Are you looking to find medical practice and med spa buyers who might be interested in your business? You’ll want to engage the best bank and transition advisor available to dentists, plastic surgeons, and dermatologists in the country – Viper Equity Partners.
We leverage our long-standing relationships with private equity firms, finance partners, analysts, banks, and lawyers to serve you best and bring you the best deals.
If you're wondering whether Viper is a good fit for you and your practice, get in touch with us today to schedule your free consultation and valuation of your practice and med spa.