Buying a Business: First Steps Post-Closing

The time period directly after buying a business and closing the deal is vital to completing a successful merger. Employees and customers will be wary of a new manager. This is the key time to win them over.

Create a Plan

Integration is important to do correctly. If the integration does not go smoothly, then the chances of your business being prosperous are low. Create an integration plan and go over it with management. Having clear goals in mind will help you and your employees recognize the direction of the company and work towards achieving them.

Keep Employees in the Loop

Employees that find themselves suddenly under new management are going to be wary of their new leader. Prove your credibility by keeping them up to date on all transitions. Even the small details (dba on business cards and email signatures, for example) will matter to them. Keeping them informed about these things will put them at ease.

Communicate with Customers

Address the public and any stakeholders about the details of the deal. You need to assure them that all changes that you are making are positive. This time period is key to retaining loyal customers that may be skeptical about new ownership. Buying a business is not always looked upon in a good light, but you can prove them wrong with excellent service.

If you're looking to sell a business, contact George & Company in complete confidence.