Every business needs to terminate employees. Proper handling of the termination is key to minimize headaches. Follow these simple guidelines to help ensure a smooth separation.
- Collect all documentation that relates to the terminated employee including restrictive covenant, equity and other compensation documents.
- Make certain to understand the reasons for the termination including whether this is a termination for cause or for convenience as a right to the parties may differ.
- Clearly document the reasons for the termination and the company’s efforts leading up to the termination.
- Make certain to disable the employee’s access to the company systems including email, voicemail and any other remote access capabilities.
- Understand what company property and records need to be returned and make a plan to have them returned.
- Conduct an exit interview to gather information about your company and to discover any risks to confidential information or unfair trade.
- Lastly, if necessary consider a severance arrangement in exchange for appropriate releases and other protections.
ABOUT MIKE MERCURIO
Mr. Mercurio is a Principal and the Chair of the Firm’s Business Law and Transactions Practice Group. He serves as outside general counsel to clients on matters related to corporate and business law, commercial transactions, government contracting, health care, construction services, and real estate. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on all aspects of business and commerce including formation and structure; ownership, management and control; financing and capital; expansion and acquisition; sale and transfer; and contraction and dissolution. He is well versed in the various issues and challenges companies of all sizes and industries face in the business life cycle including start-up, maturation and end stage considerations.
ABOUT OFFIT KURMAN
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