In a way it's worse than that.
Let's imagine this happened at your every day work.
The boss just got fired
You think shark that ain't good
Those with contracts next year think shark, who is going to manage me next year?
Those whose contracts are expiring in a few weeks are thinking shark do I have a job next year? What about my kids and mortgage?
Those whom are great potential employees are thinking I'm not joining an organisation when I don't know who will be my boss
Clients (us) don't have much confidence in an organisation whom have fired the boss and don't have a permanent replacement.
Sponsors likewise
Potential sponsors more so
Some noise and positive spin at least needs to be made by the owners (i.e: we have interviewed some great applicants and very shortly we will have some one on board).
A bit of communication ain't difficult.
You don't have to say we have signed sealed and delivered but you do need to communicate
These owners are meant to be busines savvy.
If they are then they wouldn't be running their own business like the way they are handling this situation.
The nIx feel like an after thought