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Buying a Business
8. After the Completion
To ensure a smooth transition, there are two priorities.
8.1 Quickly announce the change of ownership, in a positive way.
- Agree how it is to be announced, and the wording, with the vendor.Make the announcement positive.
- See the employees individually, if possible.It is important to make them feel settled and motivated from the outset.
- Write to the major customers, explaining the advantages for them.
8.2 Implement your action plan.
This plan will have evolved during the whole buying process. Complete it before you make the final offer, including a timetable.
The plan outlines all the steps necessary to achieve key objectives such as:
Make clear to employees your determination to carry through your plans.
- Establishing trust and confidence in the future, among the employees.
- Securing, and then improving, customer relationships.
- Focusing the business, to improve cashflow and profitability.For example, by closing (or turning round) any loss-making operations or by selling under-used assets.
Labels: Buying/Selling a Business
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