Roles in the Stakeholder Engagement Plan

In previous posts we have seen how stakeholders need to be aligned with your business exit and who you should consider in a Stakeholder Engagement Plan.  Now you need to examine exactly which stakeholders have what role in your plan.

 

Roles in Your Stakeholder Engagement Plan

 

In order to develop the engagement plan, you need to map where each stakeholder fits on the following chart:

Stakeholder Engagement Roles in the Process

Chart 2: Roles in Stakeholder Engagement Process

 

This then determines the level and type of engagement you will need to have with each stakeholder group. In order to determine which quadrant they belong in, you need to complete the following Stakeholder Needs Analysis:

 

Table 1: Stakeholder Needs Analysis


 A good engagement plan will then consider the following when building a communication strategy:

  • Budget
  • Timeline
  • Key dates
  • Best way to communicate with stakeholders.

You need to determine the best method of influencing the each group to achieve the desired outcome.

 

Once the engagement process has commenced, it’s important that it be continuously reviewed to ensure that your approach addresses the changing environment and potentially the changing role of stakeholders in achieving the sale outcome.

 

Why This Makes Your Company Valuable


An effective Stakeholder Engagement Process makes your company more valuable because it:

  • Maximises the number of potential buyers that participate in the process creating pricing tension
  • Ensures issues are minimised, delivering a faster sale.

Summary


Stakeholder Engagement is crucial as potential buyers are likely to avoid buying companies that could cause them reputational damage or embarrass their shareholders.

 

A buyer will want to know that you have considered the views of all stakeholders and have solid relationships with key groups. This is very important to a buyer, as they are unlikely to want to manage issues when they take over your business – and could potentially pursue other buying options.

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Contact us now and ask how we can help you achieve your goals

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