When you enter the business as the new owner, you know that the seller is leaving. Whether they’re retiring, pursuing a new opportunity, or devoting all of their time to learning the lost art of close-up magic, they’re not going to stick around forever. You need to learn every aspect of what the seller does and you don’t have the luxury of time.
Because of that, the number one thing you need to do after taking ownership of a business is make sure you know what the owner did day-to-day, identify their key relationships, how many roles they hold, and anything else they do that helps the business run. Then you need to teach that knowledge to someone else and assign those roles to other people.
This is what we call a succession management plan.