Seller Knowledge Transfer

October 07, 2022

by a searcher from Brigham Young University in Kahului, HI, USA

From a friend:
" When you bought Illuminate, how did you transfer knowledge from the seller to you? Did you have any sort of doc that goes through every area of the business with questions that you and the seller filled out? And/or did you create a data room where they moved all documents?

I bought ********** last week and have 7 more weeks with the seller and am trying not to screw this up."

Haha! I can relate to that feeling, but for us it was a simple process since the real managers all stayed in place.

Do you have any resources or ideas that could be helpful?

Reply by a searcher
in Salt Lake City, UT, USA

I think knowledge transfer can be divided into customer, operational, and employee. Girdley had a great podcast where he talked about systems. Maybe the next couple of weeks think about how to create systems and then filling it with knowledge you might have from the previous owner? https://anchor.fm/intentionalwisdom/episodes/Ep-9---Michael-Girdley---The-Simple-Systems-Powering-a-Leading-Entrepreneur-e1ia1uf

Reply by an investor
from Texas A&M University in Houston, TX, USA

There is no "secret sauce" to the knowledge transfer process. I recommend sitting down at the end of the day and keeping a daily journal of your conversations. Include key people, processes, passwords and any other interaction that you witnessed. And of course, keep a data room for yourself.

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