Most employees are not comfortable with change. Rationally, it makes no sense for employees to quit because the new owner is most likely going to need their experience more than ever. But that is the first instinct for some employees. And it can be very frustrating for the business owner to have to sneak around or even not tell the truth. But not disclosing to the employees that the business is for sale is usually the most prudent and least disruptive thing to do – all the way to closing.
Read this Inc. Magazine article: When Selling a Business, Confidentiality is Key