I'm selling my small manufacturing business and we close in three weeks. The buyer wants me around during the first week of handover, but I'm worried about being too involved and stepping on the new owner's toes. How do I step back without seeming like I'm abandoning them? I still have some institutional knowledge that isn't written down anywhere.
handover
How to step back during handover week
Be available but not present. Set office hours for questions, maybe 2 hours a day. Then leave the building. If you hover, they will lean on you and never learn.
I sold my bakery last year. The biggest mistake I made was answering every text immediately during the first week. It set a bad precedent. The new owner started calling me for things he could have figured out himself. I'd suggest turning your phone off after 6pm and not checking email on weekends.
Write down the unwritten stuff now. Even a messy list of quirks about your machines or key customers is better than nothing. Then during handover, refer them to the list instead of answering directly. It forces them to use the resource.
That list idea is good. I've started a shared doc with all the oddities of our scheduling system. It's already longer than I expected.
You also need to decide who is in charge. If the buyer is the new boss, then your role is just a consultant. Make that clear in writing. Something like: 'During week one, I will be available for scheduled calls and will not make operational decisions.' And then stick to it.
I think it depends on the buyer. If they are experienced, step back fast. If they are new to the industry, you might need to be more hands-on. But you can still step back by asking questions instead of giving answers. Like 'What do you think we should do here?'
That's a good point about the buyer. I assumed they knew the business. If they dont, then a slower handover might be needed. But still, the goal is to make yourself unnecessary.
One thing I wished I had done: recorded short videos of key processes. It saved me so many repetitive questions. Just a quick phone video walking through the inventory system or whatever.
Also, don't go to evry meeting. If you are not required, skip it. And if you do attend, sit in the back and don't speak unless asked. That shows you are stepping back without disappearing.