So, you identified and purchased an established, profitable, self-sufficient business or franchise that suits your lifestyle – GREAT! But what’s next? This is a crucial question. Most buyers expect a seller to help during the transition of ownership anywhere from 3 – 6 months (depending on how big the business or franchise is) however, as the new owner what can you do in the first 90 days? Here are my thoughts:
Doing vs. Being
As the new owner, you may have the urge to enter the business with guns blazing and feeling the need to take action, however, you want to ensure you find the right balance of doing (making things happen) and being (observing and reflecting). It’s key to understand how the business or franchise got to the point it is at as you do not want to disrupt anything, which can turn out to be counterproductive.
Technical vs. Critical
You are now part of an existing, live breathing business that has been operating for X amount of years. You may have already done this during your due diligence, but it is crucial to balance your focus and understanding on the technical side of the business (products, customers, tech and strategies) with the critical side of the business (culture and politics) during the first 90 days. This will ensure you are able to overcome any sort of roadblocks to the growth you’ve envisioned for your business or franchise.
Depending on the size of the business or franchise, you may have many stakeholders. It’s key to identify and connect with them in order to clarify expectations and adapt to the culture of the existing business. Remember, you don’t want to be meeting the key stakeholders of the business for the first time when things are going bad.
At the end of the day, the purpose of buying an existing business or franchise is to grow it into something even better, not disrupt what is already there and make it worse. Remember that the foundation is set and the business/franchise caught your eye by showcasing its value, so don’t try to fix things that aren’t broken. Instead, build upon something great and make it even better!
The first 90 days are extremely important, so be ready and move fast!
From The Desk of BizON
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