After a successful M&A closure, you are now the proud owner of a rising business. Keep in mind that the first month of owning your business is one of the most important months.
Once you have settled in to your new position, your first priority should be to introduce yourself to your employees. Depending on the size of your acquired company, it might be a good idea to exchange introductions individually. You can use this time to “interview” your new employees, asking them for input and ideas about how they might help the company grow in the future. This can also be a good opportunity for you to gauge which employees might be potential management material.
Learn what you can from the seller: Depending on your agreement with the seller, you might also have them available to you as a consultant. This will make the transition period easier for both you and your new employees. Meet the firm’s key customer and business partners as well. During that first 30 days, it will be critical to work with the seller to get introductions to all the firm’s key clients, vendors and suppliers. It is through these meetings that you’ll be shaping the future course of your business.
After the first 30 days, you’ll most likely look forward to taking the reigns and pursuing your business goals yourself.
Becoming the owner of a business is an arduous process but it is a great accomplishment once you settle in and understand your new role. If you need assistance buying a business, contact George & Company to make your dreams become a reality.