Recommendations / Input on Pre-Close Employee Survey

searcher profile

January 04, 2022

by a searcher from University of Colorado at Boulder in Boulder, CO, USA

Happy new year everyone!

I was listening to the latest Acquiring Minds podcast with Mike Curry and he mentioned an anonymous employee survey when he bought his business.

I am 30 days out from closing (30 employees in two offices) and had planned to schedule time with all employees post-close and also solicit anonymous ideas/criticism/feedback within the first###-###-#### days. After hearing this podcast, I am curious if an anonymous third-party employee survey pre-close would be a more effective strategy and allow for more constructive conversations with employees post-close. I think the consideration would be whether employees would be more open if the assumption was that feedback was going to current ownership or if new ownership allows employees to feel more comfortable with feedback.

Does anybody have any experience or advice on this? Any vendor recommendations if you have conducted a similar survey? Thanks!

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commentor profile
Reply by an intermediary
from The University of Chicago in Chicago, IL, USA
Based on my years of M&A experience and being involved many associations (and heard horror stories), I would say that such pre-close employee survey is harmful to not only sellers but also to buyers. There is always an exception. Survey objectives, prior history of surveys by the company, etc. do make difference. In general, I believe employees are smart. It does not take a lot for one to figure out what might be going on. And then they talk to each other. Such situation should concern a seller and it would be even more of a concern to buyer. Happy to share specific experiences.
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