So, you've #acquired an #smb - congratulations! What comes next? For part 11 (of 12) of my monthlong series of posts for #newcomers to the M&A space, I'm sharing the top 6 pieces of advice we've gotten at Private Market Labs on how to manage the first 100 days post-acquisition:
1) Getting buy-in for your long-term vision is essential as you step into the new business. Go meet people, learn their stories, where they like to sit in the office, what projects they’re working on. Don't wear the “business optimization” hat on from day one.
2) Don't forget to listen: Very few searchers are buying turnarounds where changes need to happen quickly. If you are confident in your diligence and you are buying a good business, then give yourself some space to learn and absorb.
3) Any changes that will be experienced by employees should be managed first (policies, benefits, payroll, day-to-day). Being organized creates buy-in from employees nervous about a transition and earns you some time to implement your vision.
4) As you're starting to implement changes, identify influential champions within the company who can help move the organization forward as things progress
5) Move slowly on hiring if you can: it’s better to hire later and hire well than onboard a bad hire and hurt morale. You may even have more success training people internally than hiring externally for key roles.
6) Strike a balance between spending time in the field and letting people do their jobs - as the new owner, your job is running the business. However, learning other jobs within the organization and being visible in the field can build knowledge, camaraderie, and trust.
Hope this is helpful! Please be on the lookout for the last post in this series tomorrow, and make sure to give me a follow. I'll also be sharing the entire series in a single thread later this week!