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Mature BusinessTALENT

HR's Role During Transition

QUICK SUMMARY

Running a business is all about constant change— and sometimes that change is substantial. When a company undergoes a big transition, HR takes on an important role. Here are four major business events, and tips for effectively managing your employees through each.

Merger or Acquisition

  • Don’t retrofit company cultures. Start fresh.
  • Streamline and reduce the number of titles, levels and pay grades.
  • Include, empower and invite employees to participate in the new system.
  • Know your people and their skills.
  • Keep adapting.
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Initial Public Offering (IPO)

  • The SEC requires public companies to do an S-1 Public Offering Filing, annual report (10-k), annual proxy, 8-k filings, and Forms 3, 4 and 5.
  • Keeping employees informed is critical to maintaining morale.
  • Map out a plan to use stock options as an incentive and retention tool.
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Selling the Business

Prepare the Sales Agreement, the core document for purchasing/selling business assets and/or company stock.

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Closing the Business

  • Dissolve legally by filing legal dissolution documents.
  • Cancel licenses, permits, and business names. Close your EIN account, bank account and credit cards.
  • Pay salaries before the door closes to comply with state employment and labor laws.
  • Pay taxes and debts.
  • Keep records from the past 3 to 7 years.
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