Stress is most draining AFTER you buy the business.
When you buy a business, the worst always happens.
I know someone who sold their business and didn’t tell the employees or clients that it was happening.
Half the staff disappeared on day one.
Most people don’t know they need to do transition planning to stop this.
Here are the 3 key steps to transition plan like a pro:
- Come with a team
Teams take loads off of your back. Teams help. Teams do the things you can’t.
Teams make everything easier. Whether it’s freshman interns or veterans of the M&A process, get some. It’ll stop you from cutting corners.
Focus on people who’ve been through the process. It’ll help you avoid their mistakes.
- Be personal
I’ve seen too many people come in with a ChatGPT opening-day speech. Their employees left.
Wonder why?
How do you feel when you get rejected from a job and it’s a generic email about how you weren’t a match?
You wouldn’t feel cared for.
Buying a business is the same. Employees want to feel safe and secure.
Take them to lunch individually, ask them questions, and IMPLEMENT THEIR FEEDBACK.
Show you listen.
- Plan in advance
The only thing that beats stress and anxiety is knowing you’re prepared for anything.
Start planning the transition one month before closing.
This includes your script and key messages to share every day.
Plan things you didn’t think of - your housing, your backups, the food on your desk. Be specific.
I also agree with getting personal. This is harder the bigger the team and more vertically integrated the company, but if it's a 10 person team like mine, opening up instantly builds rapport. When it comes to small companies, people don't work for companies, they work for people.
Team - know what you need for a team - both professional advisors and "team members".
Personal - speak from the heart not the mind - easier said than done!
Planning - hmm the most basic of business traits and needs is often rendered to the back burner - when we need it we can do it.
I like your premise - KISS but ...