How to manage employees when you sell or close your business
If you close or sell your business and you have employees who work for you, you have to let your employees know what happens next.
Your options and obligations to your employees
As the current business owner, you have limited options:
- If you close your business, you have to let your employees go.
- If you sell your business, your employees may transfer to the new business or end employment with the business.
You have several obligations to ensure that you fairly treat employees through this change:
- provide notice
- finalise payments (including any redundancy pay owing)
The award or enterprise agreement that applies to your business may have extra rules like needing to consult with staff or giving time off to look for other work, so remember to check what yours.
For detailed information on managing the above scenarios, visit business.gov.au/people/managing-and-developing-staff