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One would say the hardest journey is researching, choosing, negotiating, and purchasing a business, but the hardest part is what comes afterward—running the business. No matter the situation, the business is now in a whole new chapter of its life, and with you at the head of it, you need to ensure that everything runs accordingly and that your purchase was a smart choice. It is time for the hardest part of all—the first year. 

Start Creating the Optimal Team 

Before purchasing a business, you should have a clear understanding of who works there, what their responsibilities are, and if you are planning on cleaning house or merging in new players. No matter what you choose to do, this is your chance to create an optimal team for the new vision of the company. You not only want to establish a core group of leaders to steer the business in the right direction, but you also want to have a team that can get you to the success you are aiming for. One of the most important parts to remember throughout this process is communication. Whether with new or old employees, you need to put communication first. 

Introduce Yourself to Customers and Vendors

Next, you don’t want to keep your customers and vendors in the dark. This can build a lack of trust between you, and that’s the last thing you want. When you purchase a company, take time to meet with key customers and show them that you care about them, their experience, and making their time with your business better than before. Similarly, speak with every vendor to ensure they are in the loop about the ownership change. This can help transition their relationship with the past owner over to you. 

Ensure Operations Are Efficient  

Now that you are knee-deep in the business, it is time to check those operations. This means reviewing payroll, insurance, licenses, and taxes to ensure everything you researched before purchasing is what it claimed to be. This step can show you where improvements need to be and give you a schedule for renewing certain documents to keep your doors open. It is also wise to speak with the team that worked under the previous owner and see where improvements could be made within processes and operations. They will have a much better idea of where efficiencies can be made and help you build an even stronger business. 

Keep Your Door Open 

An ownership change will bring many questions from the teams and leaders you are joining. The most important thing to do when you take over is to keep your door open. There will ultimately be questions, concerns, and opinions about what you are doing and what the future holds. To ensure you are continuously building trust while growing that partnership between you and them, keep your doors open to anything they have to say. 

Develop a Business Plan and Stick to It

A business plan can serve as an invaluable tool for your future with the company. You want to ask yourself what you want to do, who will do it, how it will get done, when it will get done, and how you will measure your progress. Questions like these can get you thinking about the present and the future in a more detail-oriented way. These answers and then additional answers to operating models, processes, management software, and employee responsibilities are all extremely crucial to moving toward a successful future. Once you develop this initial plan, stick to it. Of course, it can be adaptable to changes, but sticking to a rough outline is better than operating a business blind. 

Operating a business after purchasing it can come with hurdles, but when executed right, it can lead to amazing success. If you have further questions or would like guidance on purchasing a business, contact the team at ReVera Capital.