Measuring The Success
You will have set your own expectations and have probably got an agreed plan bedded in with the new management. You now need to measure the success.
You will have encountered issues no doubt; for example interaction between staff may have not gone well. The time taken to work on the new acquisition will have taken its toll of the management. In fact it is often useful to employ an interim during the purchase and post acquisition phase, to ensure that success is achieved.
Our team here at QR Ventures can help to take the stress away, by guiding both yourself and staff through the process.
Tips On Post Acquisition Management
Some tips to remember when in the post acquisition stage are;
- If changes need to be made act decisively.
- Identify new targets to improve profits.
- Communicate your intentions clearly with everyone.
- Establish an actionable plan for your first 90 days.
- Identify the managers, and staff that you do not want to lose.
- Don’t try to be the nice new owner – make hard decisions, or your business may suffer.
- Identify what synergies exist between this and your other businesses.
- Prepare a 12 month action plan.
- Don’t be afraid to use external expertise, who have experience across many industries.
What You Should Do On Day 1
The first day is really vital, because as a new owner you are going to set the scene. This should not be the first time you have thought about what to do. You should already have a plan of action and have thought through issues and risks; as well as the excitement and the opportunities.
The new employees will be concerned and want to know; what is going to happen to their jobs and how the company is now going to be run. Customers and suppliers will also have questions.
At QR Ventures, we can guide and support you through this time. All of our team have many years of proven successful business experience. Call us today on 0330 053 6790 for more information.