POST COMPLETION CONSIDERATIONS
Once you own the business, there are several key areas that will require your attention, including (in no particular order):
- Introducing yourself to the existing staff and clearly setting out your intentions for the business.
- Ensuring continuity of day-to-day operations, including fulfilment of immediate contractual commitments and priority customer agreements.
- Managing the handover from the previous owners, covering all relevant information, processes and controls, know‑how, IT systems, HR records, accounting, and key customer and supplier relationships.
- Addressing HR matters and evaluating the existing team – do you need to recruit additional resources or new capabilities?
- Reviewing sales and marketing activity – how is new business currently generated, and does this require further investment? This is frequently the most under-invested area in a privately owned business at the point of transition, and one where a new owner can create substantial value by introducing a structured sales and marketing strategy and, where appropriate, a dedicated sales function or team.
- Assessing research and development activities – both current initiatives and planned future projects.
- Reviewing capital expenditure – including existing commitments and any future investment already budgeted.
- Monitoring financial performance – tracking projections and delivery against the agreed strategic and financial plan.
- Managing funding obligations – ensuring you comply with the agreed repayment schedule and all covenants associated with your funding arrangements.
Finally, make a conscious effort to enjoy the day‑to‑day running of the business and recognise that you are embarking on a new and significant chapter.
