POST COMPLETION CONSIDERATIONS
Once you own the business, there are many things you’ll need to focus on, including (in no particular order):
- Introducing yourself to the existing staff and explaining your intentions for the business
- Ensuring the business carries on without interruption on a day to day basis including delivery of any immediate contractual obligations and priority customer contracts
- The handover from the old owners to the new owners in terms of transfer of all relevant information, processes and controls, know-how, information technology, HR files, accounting, key customers/supplier contacts, etc
- HR considerations and assessment of the existing team – are any additional team members required to be recruited ?
- Sales and marketing – what is being done to generate new customers ? Does this need further investment. This is often the single most under-invested area in a private company when a new owner takes over and one where a new buyer can make a real difference by employing formal sales and marketing strategies and a dedicated sales person/team if these are not already in the business
- Research and development – any ongoing projects and new ones envisaged
- Capital expenditure – any ongoing commitments and any future spend budgeted
- Financials – projections and delivery of the strategic/financial plan
- Funding – making sure you meet the payment plan and the associated covenants stipulated as part of the funding offer
- Remember to enjoy the day to day aspects of the business and the fact that you are on a new journey………
