Advice for First time owners

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October 20, 2023

by a searcher from University of Tennessee - Knoxville in El Dorado Hills, CA, USA

I figured this question would be a great topic we could all learn from. What is some good advice/warnings for first time business owners from closing your first deal to being successful for your first 1-2 years?

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Reply by a searcher
from Colgate University in Charlottesville, VA, USA
Getting a solid data dashboard put together, with a number of KPIs, is usually a great early step to get better visibility on leading indicators across the business. Many businesses don't have a great KPI dashboard in place, and many solid acquirers implement one early on to quickly get better transparency. It can start simply with metrics around cash, A/R, A/P, and revenue pipeline, and then expand from there.
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Reply by a searcher
from The University of Chicago in New York, NY, USA
Set up a regular time slot for mentoring to an experienced operator of the business model you are running. Bring the data and ask questions about whatever choices you have been making. Sort through with that operator/mentor whether your choice made sense, helped, or hurt. Keep in mind you might need more than 2 points of view. The questions are worth at least as much as any answers.
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