It’s Business, And It’s Personal

What to do after buying a business

| Jan 19, 2017 | Buying & Selling Businesses |

North Carolina entrepreneurs know that buying a company is just the first step in actually running it. After the company is acquired, they may want to make changes to how it is run, who will handle daily operations and what products or services that it offers. However, these changes must be made gradually while building a rapport with existing staff.

One way to make a successful transition is to have a dialogue with employees and managers. This may help owners to decide who to keep and who needs to be let go in favor of people that they feel are better suited for the job. It may also make it easier for those who may need to be let go for budgetary reasons or because they are no longer a fit with the new vision for the organization.

It may be a good idea to study the company’s culture prior to implementing any changes. Ideally, a business owner will keep in place any aspects of the culture that have led to the company’s success. This may be especially important for those who are buying a franchise as they must largely adhere to existing policies created by the parent company.

Individuals who are looking to purchase a business may want to consult with an attorney prior to the deal closing. Legal counsel may help ensure that assets being sold actually belong to the owner and don’t need approval from others to be transferred to a new owner. An attorney may also be able to review a purchase agreement to ensure that it adheres to applicable laws and regulations.

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