When purchasing a business, you will likely be bringing some or all of the seller’s employees onboard to your company. In order to achieve a smooth transition, you should have a complete understanding of the employee benefits provided by the seller to its employees and how those benefits compare to your benefits. The seller’s employees are often worried about the effect of the business purchase on the employees’ benefits. Obvious benefits that you should be aware of are the seller’s health insurance coverage and retirement plans. Other not so obvious benefits to be mindful of include the seller’s leave policies, college tuition reimbursement programs, car allowances, and continuing education reimbursements. The benefits provided to your employees may be similar to or different from the benefits that the seller’s employees are accustomed to. By comparing the seller’s benefits to the benefits you provide, and effectively communicating the differences or the similarities to your new employees, you can have a better welcome aboard party for all of your new employees and prevent them from jumping ship.
ABOUT GLENN D. SOLOMON
Glenn D. Solomon Esq., is a principal at the law firm of Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years, with extensive experience in the purchase and sale of businesses, structuring ownership agreements, and advising companies in financial distress
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With 120 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eight offices serve individual and corporate clients in the Maryland, Delaware, New Jersey, and Northern Virginia markets, as well as the Washington DC, Baltimore, Philadelphia, and New York City metropolitan areas. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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