The first 100 days of an acquisition are so important. You're creating a lot of 1st impressions as the new owner/CEO and everything you do is under a microscope.
If not done thoughtfully, it can take years (forever) to dig out.
If not done thoughtfully, it can take years (forever) to dig out.
My best advice is, unless circumstances dictate otherwise, go slowly. Take your time.
Spend time with the employees. Learn their names and stories.
Meet customers. Talk about continuity of service, importance of respecting past practices.
Be Very careful about making promises.
Spend time with the employees. Learn their names and stories.
Meet customers. Talk about continuity of service, importance of respecting past practices.
Be Very careful about making promises.
You don't want to lose a key employee before you know their worth and have mitigated the risk of departure.
You want to validate your pre-closing diligence and address any key misses.
You want to save any customers that might use the transition as a reason to leave.
You want to validate your pre-closing diligence and address any key misses.
You want to save any customers that might use the transition as a reason to leave.
I may be confusing correlation w/ causation, but in my experience, when things start off poorly, in almost every case, the investment returns end up bad to mediocre (i.e. 0x-1x return of capital).
I've found it helpful to sketch out a plan pre-close and then adapt as I dive in.
I've found it helpful to sketch out a plan pre-close and then adapt as I dive in.
