Learn about the first steps to take after buying an existing business.
Buying an existing business comes with many benefits, and you have put time and research to ensure that buying the company was the right decision for you. However, do you know what comes next after the deal closes? Continue reading to learn about the first steps you should take after buying a business.
Transition Phase
After purchasing a business, you should be aware that there will be a transition phase where the managerial shift will take place. Instead of jumping in and taking over all aspects of the job, it’s important to watch and learn the previous owner. They can provide you with beneficial information and tips on how to make the business as best as it can be under your ownership.
This includes a learning process, as you should take the time to learn everything you can about the day-to-day operations and how the business currently operates. Learn about their strengths and weaknesses, such as their customer service and reviews. Before you try to change anything as the new owner, you must have a deep understanding of all aspects of the business!
Work With Employees
In an ideal situation, the majority of employees will stay with the company under your new leadership. This saves you a lot of time and money by avoiding the hiring process and ensures that your staff is loyal to the business. Make sure you make an excellent first impression by introducing yourself to all employees in a company-wide meeting and allow the staff to express their opinions. They will likely have a lot of questions and concerns, and it’s crucial to provide honest and clear answers. To get a clear understanding of everyone’s role, it may be helpful to ask everyone to outline their duties and responsibilities.
Take Control
After the initial transition phase, you will have to take control of the business at some point and make it your own. This may start with a redesign of the inside with a fresh coat of paint and new decor, or making any minor changes you believe are necessary. When it comes time to make real business decisions, it’s helpful to set up a month-long plan to implement new changes while you work on the official business plan. This can be daunting, but it is manageable when you break it up into sections, such as the direction you want to take the business, who is in charge of what, how you will measure success, and so on.
Buying With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.
Contact us to discuss your business buying and selling goals today at 410-561-9800, or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.