Something interesting happened this last couple of weeks. Four different people asked me for advice on how to message when a business has a change in ownership. Four people in two weeks – and I had never been asked that question before! The contexts were different, but the root question was the same: how do you keep a loyal audience when your business changes? The coincidence of this question piling up can’t be ignored. Let’s talk about how to message when a business changes hands.
I’ll start by saying I have no idea why this question never came up before. Businesses change owners a lot, I am sure. Partners split. Young family members inherit a business from retiring family members. There are so many reasons why a business would change hands. It’s not uncommon. Perhaps people are just hustling so hard to keep their heads above water that they don’t think to ask about how to do this smoothly.
Now, one thing I noticed is that each situation that was described to me was different in nature. One inherited a business from someone who was too sick to carry on. A couple were taking on businesses from an older generation in their families. One may be splitting from a partner in a town where that won’t go unnoticed.
What all of these situations have in common is the need to message the changes appropriately to the client base. What is different about these situations is the nature of that messaging and how delicately it needs to be handled.
And so comes my major caveat. Getting a legal handle on your situation takes priority over PR or marketing messaging. Be sure that you know the rules of your ownership, the rules of the transition, and – as much as you can – the rules of how amicable the change of ownership is going to be. It matters. The best marketing advice I can give you may be the opposite of the legal advice you should follow for your specific situation. Be safe and prioritize the legal advice first.
I say this, because when it comes to bracing for change, the ideal scenario is to get in front of it with your audience and be clear about your message and your spin. You may be fortunate that the change is a much-needed one that is desired by your community, and then you are inheriting a positive PR story. Or you may be dealing with a change that is non-volatile, and then you can accept that some people will resist it, but that you can spin it to be ultimately a good thing.
And then there is crisis communications. If you are in a volatile changeover, it should be handled with the sensitivity that you would any crisis. Read here for some basics on that topic.
The key is to message the change and not hide from it. Hiding from it hurts you in the long run. The story will circulate, but it won’t be your story. It will be what everyone else decided your story was.
The key is to message the change and not hide from it. #marketing #pr #smallbusiness #smb Share on XIn a best-case scenario, you will have plenty of time for advanced messaging and a lot of support from the person who is stepping away from the business. Imagine how softly a transition can happen if the person letting go is clearly and vocally giving their blessing to you. Telling their customers what to expect and how awesome you are. Letting their customers know a year ahead of time and introducing you so the customers can get to know you. As the person taking over, this would empower you and validate you. It would give the clients time to mourn the loss, to adjust to you and the upcoming transition, and to start to see all the good you will bring to the table.
If you don’t have that validation, you have to find ways to make it for yourself. This may come from having private conversations with your top customers and influencers as far in advance as possible. Letting them know how special they are to you that you want to have this conversation with them and that you value their business and their support. You might use this as a time to establish new relationships with potential partner businesses to create allies through your change. You might get a local journal, blogger, or news source to do a positive feature on you. You might do a charitable event or run a campaign that clearly benefits the community to build goodwill. Whatever you do, get outside validation for the changes you are making.
Get outside validation for the changes you are making. #marketing #pr #smallbusiness #smallbiz Share on XIn the trickiest scenario, you may find that the change in ownership is not amicable. There may be hard feelings or even a question of whether sabotage is possible. This is where you are really going to want to have an awareness of your legal situation before you start doing any messaging. Figure out exactly what your limits are and what will inflame the situation. Create positive allies that can help show the good you will provide in your business. Be generous to your clients. Craft exactly the right press release, social media posts, or other messaging that will handle your situation respectfully and within the rules of engagement, but keeping the focus on how you will continue to serve your customers seamlessly.
Your customers, your collaborators, and anyone who has a relationship with what your business used to be just want to know that the thing they believe in is going to stay the same. And if not, how it will change. Be carefully honest with them. If you are making changes, be clear with them about what is changing (and why you believe that change is for the better) and what is staying the same. If you are holding to the values and the traditions of the old ownership, let them know that you are carrying on what the customer base holds so dear.
Whatever you do, get as far in front of the change as you can.
I recently did a talk for business owners in a town that is preparing for a road construction project. Obviously this is a scary time for businesses on that road. We talked about how to succeed in business through that project. There is one business owner I met there who I know will succeed. Months ahead of the project, he created maps for his customers with the new route, the suggested parking, and it pointed to the back door of his building instead of the front door as the entryway. Apparently he now has people entering his restaurant – months before the project started – shouting out to him that they came in through the different door! They say it proudly, and he rewards them. He is training his people and almost turning it into a game. They are braced for change.
Get as far in front of the change as you can. #marketing #pr #smallbusiness #smallbiz #smb Share on XThe more you can prepare your customer base, the more they will feel informed and ready for how to cope with the changes you have made.
Hopefully this gives you some ideas in how to approach it when your business changes hands. If you’re dealing with this type of change in your business, I’d love to hear more in the comments or in a private message.