When a business succession plan includes the transition of employees from one employer to another, it is important for businesses to recognize that there are a host of employment issues that need to be addressed during the transition. From determining whether a sufficient number of employees will be hired by the new employer to avoid the requirements of the WARN Act (if applicable), to whether the new employer will require transitioned employees to complete new applications, background checks, or I-9 forms, it is important to have a well-organized plan. A human resources transition checklist that details the mandatory and suggested labor and employment items to be managed by those implementing the transition is a helpful tool in ensuring that the transition is smooth for both the businesses involved as well as the affected employees.
Advance planning is helpful to a smooth transition. To learn more about business succession planning, check out our colleague John Wagner’s recent interview with the Sarasota Herald-Tribune, in which he addresses why and when business owners should consider succession planning and provides tips for getting started.
This video was originally posted on The Williams Parker Business & Tax Blog. To read more and to subscribe, visit http://blog.williamsparker.com/businessandtax/.
- Requisite VI — The Business Succession Edition
- A Proactive Approach to Help Clients’ Businesses Operate Smoothly in Times of Transition