Having all the paperwork done after buying a business should not be a reason to go on a vacation. There is still a lot of work to do. Yes, spotting a good business and being able to go through the transfer process smoothly is enormous. But as an entrepreneur looking to hit the ground running with your new business, there are moves that you cannot afford to miss the moment you have the company to your name. It is critical for the future success of the business and smooth operations. The following are things you should task yourself with doing the moment you have control over the venture.
- Reach out to the employees
The existing employees are at this point the most valuable asset you have as the business owner. Remember that they are familiar with the architecture of the business and you have much to learn from them. Since you cannot immediately hire new employees with no understanding of the business, it is advisable that you make things clear with the existing ones. If there are changes that you want to be made, communicate this to them. Remember that the policies or culture that the previous owner created may not work for you. It is for that reason that you need to align the employees with the policies of the new management.
- Reach out to your customers
Make the calls before the customers jump ship. Better still, make a point of visiting them if it is possible. Explain to them what is happening and let them know that the change of ownership will not interfere with normal business operations. In fact, you may want to tell them that you may even make it better. At this point, you can also seek suggestions on things that they may want to be done differently. It is also an opportunity for you to tell them how they should be making payments if you have made changes on that.
This is especially important if you are moving to a local area and are looking to maintain these relationships. If, for example, you have recently purchased a business for sale in Michigan, make sure you appeal to their cultural sensibilities when you contact them and don’t make it seem like you are an outsider. Otherwise, they may find a new business to transact with.
- Create a new business account
You may want to have a new business account as the new owner. Contact your bank and any other legal bodies that may be required to be involved in this. The new business should have a new face. The banking details should be the first ones to change. It is also a way of making it easy for you to monitor any changes that may occur from the moment you take charge.
- Meet your landlord
The business premises are an essential asset. There will be no operations if you lack them. After buying the business, it is necessary to talk to your landlord and establish whether there would be a need to revise the leasing agreement if the company is located on leased property. It is also important that the landlord knows that you are the new owner.
After buying an existing business, communication is essential, as there is a lot that may need to be clarified from an operational standpoint. You may not be able to make changes immediately, but the aforementioned tips will help you to manage the business effectively as you find your way around it.
