Buying and managing a business that is located over 2hrs away

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April 24, 2022

by a searcher from Victoria University in Geelong VIC, Australia

I was after some insights on people who live over 2hrs away from an acquisition and do not attend the business premises regularly. What were some of the techniques you used to purchase and to transition the staff etc... any tips or tricks would be appreciated.

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Reply by an intermediary
from Florida State University in Tampa, FL, USA
Hi Amanda, not exactly the same but I have overseas and out of state employees.

I created a process where I use something like Google Chat, Microsoft teams or similar, and if I need to hear from an employee daily, they must reach out and say good morning and fill me in on the day’s plans first thing. The same goes for employees that need to communicate with the manager. I make sure I have the app on my phone, so that if I am not in the office, I’m not missing the morning outreach. A Zoom meeting with the group X time(s) per week is also mandatory, etc.

Its just building out a simple SOP for what suites you and your situation best. You showing up in person X times per week would show them dedication on your side as well.
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Reply by a searcher
from INSEAD in Brussels, Belgium
I think it is feasible, but also depends on how the company is structured, whether there is someone which can manage basic day-to-day tasks and also the nature of the business (can most of it be handled remotely or is it a metal bashing business for example). Also, especially with covid, (some) people no longer expect to see you every day, although I do think having regular face-to-face meetings (say once every 1-2 weeks) is critical
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