Today is the day you have been working towards for weeks, you are excited, a little scared, and a lot uncertain. No, we are not talking about a wedding or giving birth, we are talking about buying a company.
But don’t worry, we will get you through the first crazy days when you take over a business you bought.
What should I expect on the first day?
I hate to tell you but every time I take over a business, it goes a little different.
The major difference is if there are existing employees and if you will need to meet the customers face to face. Try to make a list ahead of time of what you want to accomplish in the first few days but also be flexible because things usually don’t go as planned.
Make sure the business seller is there on your first day when you arrive to make sure you start the transition smoothly and to make introductions
Meeting the employees of the business you bought
If there are employees, I always show up with donuts or some other treat to get things off to a good start. If you don’t like donuts you can’t work for me – it is a rule, you can look it up.
The most important thing you have to realize is this: No matter what you say, the employees only want to know if you plan on firing them. This is all they care about, especially if they did not know the company was for sale and this is the first time hearing about it.
Expert Tip: I have never had an employee quit because the business was sold. A smart business owner once told me “they are employees, were not dating”.
It may sound harsh but the reality is If employees had a better option, they would be working there instead of at your company. Be nice and honest and they will give you a chance.
How to deal with customers when you take over a business
One of the first things you need to decide is if you plan on telling the customers there is a new owner. I once bought a maid company and never told the customers I bought the company.
Most of the time you will have to tell the customers you are the new owner. One trick is to have the seller introduce you as “taking over the business” and smooth the transfer.
In either case, you need to let them know that you plan on providing great service, be responsive to their needs, and look forward to continuing to work with them.
Try to do these 7 things on your first day when you take over
There will be a bunch of small things you need to take care of the first few days after you buy a business. Here is a partial list:
- The Basics – Learn how to turn things on, alarm codes, keys.
- Office Hours – Learn when employees get to the office and who opens the office.
- Special Situations – Find out if any of the employees have a special issue like they are a problem or are going on vacation or won’t be available.
- Inventory Things – Do a walk-through to make sure all the things you paid for (inventory, equipment, raw materials, computers…) are still there. You would be surprised what can “disappear” between the closing and the first day you take over.
- The Real information – Try and take the business seller out to lunch and have the “talk”. This is when you ask him “now that I have bought the company, is there anything I need to know about”.
- Get to Know People – If you have employees, try to have a short individual conversation with each to get to know each other. This goes a long way.
- Nuts and Bolts – Work with the seller to make sure you have passwords, files, change payment accounts, assign contracts, learn meeting schedules, and how employees communicate.
Expert Tip – Try to learn small things like do the employees call the old owner by his first name or Mr. These things are often overlooked, but are important.
Go deeper on employees
If you have employees you will really want to read this book: 101 Tough Conversations to Have with Employees: A Manager’s Guide to Addressing Performance, Conduct, and Discipline Challenges This book tells you how to deal with tattoos, body odors, attitude problems and pay disputes, and many other topics.
Click on the book image to learn more
The bottom line on taking over the business
Try to have fun. You worked hard to find a business to buy and you are finally there, time to take over a business. There are lots of things to do in the beginning and it does not all have to be finished on the first day.
Take a minute to pat yourself on the back because there will be a lot of hard work in the future. Treat your employees well because it is the right thing to do!
Go take control of your future!
