You've found a great business to buy... now what?

Prior Planning Prevents Poor Performance...

• So you've found a great business to buy.
• Due diligence went well (found a few issues that can be resolved before the sale but nothing major).
• Got a decent sale contract drawn up.
• And you're heading towards settlement.

In the first few weeks you're going to meet the staff, introduce yourself to the major customers and suppliers, and then what? Relax? Sit back and count the money rolling in? Golf on Wednesdays and an early mark on Fridays?

Unlikely...

Even though this business is profitable and running well, it's just been through a massive change. Staff want to know what's going to happen.

Everybody wants your time because they want to know what's going to happen next. They want to know what your plan is, and you need to be ready to share it with them, to get them engaged, to "bring them along on the journey".

All platitudes aside, you need to have a plan for where that business is headed and how it's going to get there. And the ideal time to start that plan is...

Before you sign the contract...

So here are a few basic tips:

1. Document your plan.
2. List business targets - some people use 30/60/90 day plans, others prefer quarterly or monthly targets. Use what makes sense to you.
3. Detail how the business will reach those targets and what changes (if any) need to be made to support this.
4. Share your plan with the people who need to know, whether it's staff, managers, banks/lenders, etc.
5. Monitor progress and share it with the same people - informed stakeholders are happy stakeholders!

If you’d like guidance with setting your business targets and monitoring progress, reach out for a chat.

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Written by:

David Harreveld