Rumour and counter-rumour were sweeping through the office. People were realising that it’s one thing to talk confidently about preparing the business for an exit and another entirely when the CEO surprisingly announces that the exit has just happened and, by the way, the new owners will be asking all employees to take an aptitude and personality test.

‘But the most important thing to remember,’ said the CEO, ‘while we are working out the transition, everything is “Business as Usual”.’ The Chairman promptly resigned the day after his equity pay out; business as usual indeed. I had a conversation with the CFO shortly after she returned from her first meeting with the new owners.

‘I’m look