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- How to manage the initial steps after acquiring a business.
- The critical actions to take in the first week to set yourself up for long-term success.
- A checklist of key tasks to ensure a smooth transition into ownership.
Acquiring a business is an exciting milestone, but the first 7 days are critical in setting the tone for your success. Transitioning into your new role as a business owner requires careful planning, clear communication, and strategic actions. This checklist will guide you through the essential tasks to complete during the first week to ensure that you start strong and avoid common pitfalls.
Whether you’re acquiring a small business or taking over a larger operation, these first days will be pivotal in shaping the future of your business. From understanding your new role to establishing relationships with employees and customers, every decision counts.
What’s Inside
This checklist is designed to support you during the critical first week after acquiring a new business. It outlines key tasks to help you integrate smoothly, establish rapport with employees, and assess the business’s current operational structure. Begin with the listed priorities to make meaningful connections and gain valuable insights. The “Personal Notes” section is provided for you to capture important observations or reminders as you progress.
To personalize this checklist to your unique needs, please make a copy of the sheet by clicking the link provided within. This will allow you to track your progress and make adjustments as you go.
Key Content Highlights
This guide is packed with essential tips and expert insights. Some of the most valuable topics include:
Set up one-on-ones with employees
Organize meetings with your workers but avoid anything too formal. Have a chat over coffee during lunch or a beer after work. The friendly atmosphere will allow you the chance to better get to know your employee.
Analyze the accounting
What type of bank account does the business have? What bookkeeping methods are being used? Is it done by hand or using a program like Quickbooks? Are these the best options for the company?
Learn about invoicing
Learn what platform is being used and who is responsible for the invoicing procedure. How often do they do the job and is this the most efficient way? Find out the average time it takes for your customers to pay and whether there are customers who aren’t paying on time.
Need more guidance?
If you’d like to learn more about acquiring a business, many of the resources we discussed above—along with in-depth guides, templates, and checklists—are available through our Acceleration Program. By signing up, you gain exclusive access to essential tools and resources to support every stage of your acquisition journey. Set up a call with us through the form below, and we'll be in touch to help you fast-track your path to successful business ownership.
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