So, you identified and purchased an established, profitable, self-sufficient home-based business or franchise that suits your lifestyle – GREAT! But what’s next? This is a really important question to think about. Most buyers have the expectation that the seller/former business owner will help during the transition of ownership anywhere from 3 – 6 months (depending on how big the business or franchise is) however, you may not exactly get the kind of help you were looking for during this time period. So, what can you do as the new owner of the business/franchise in the first 90 days? Here are my thoughts:
Doing vs. Being
As the new owner, you may have the urge to enter the business with guns blazing and feeling the need to take action, however, you want to ensure that you find the right balance of doing (making things happen) and being (observing and reflecting), especially when the former business owner is ready and willing to help you. It is key to listen and understand how the business or franchise got to where it is at as you do not want to disrupt or reject anything that may be helpful to you during the transition period. Too much “doing” and not enough “being” can turn out to be very counterproductive.
Technical vs. Critical
You are now part of an existing, live breathing business that has been operating for X amount of years. You may have already done this during your due diligence, but it is crucial to balance your focus and understanding on the technical side of the business (products, customers, tech and strategies) with the critical side of the business (culture and politics) during the first 90 days. This will ensure you are able to overcome any sort of roadblocks you may encounter when it comes to the growth you’ve envisioned for your business or franchise.
Connections
Depending on the size of the business or franchise, you may have many stakeholders. It is key to identify and connect with them in order to clarify what their expectations are and to give yourself time to adapt to the culture of the existing business. Remember, you don’t want to be meeting the key stakeholders of the business for the first time when things are not going so well.
At the end of the day, the purpose of buying an existing business or franchise is to grow it into something even better, not to disrupt what is already there and turn it into something that it was never meant to be. Remember that the foundation has already been set and the business/franchise caught your eye by showcasing its value; so don’t try and fix something that is not broken. Instead, build upon something that is already great and make it something even better! That is what you planned to do in the first place, isn’t it?
The first 90 days are extremely important, so be ready and have a clearly laid out plan of execution (in regards to how you would like to approach the transition) in place! Although your plans may tempt to start working fast, remember to give yourself enough time to learn all of the necessary information you will need to carry on a successful and established business. The more understanding and efficient you are during this time, the more likely you are to continue the success of the business over time – and that is exactly what you want!
