Taking over a business is exciting, but it also comes with big responsibilities. The first 90 days are critical — how you handle this transition can set the tone for long-term success. To retain both your customers and employees, follow these key steps:
1. Listen and Learn First
Before making any big changes, spend time understanding the business. Meet with employees, observe day-to-day operations, and ask plenty of questions. Your goal is to grasp what’s working and where improvements can be made.
- Talk to Employees: Learn their perspectives and ideas.
- Understand Customer Needs: Get feedback from top customers.
- Review Financials: Know where the business stands.
2. Build Trust and Confidence
Change can create uncertainty. Be transparent about your vision and show your commitment to the business’s success. Schedule town halls, one-on-one meetings, and informal conversations to build relationships.
- Acknowledge the Past: Respect the legacy of the previous owner.
- Communicate Regularly: Keep employees informed.
- Be Approachable: Encourage open dialogue.
3. Retain Key Employees
Employees often fear layoffs or major changes. If you plan to retain staff, say so. If adjustments are necessary, handle them with care and clarity.
- Identify Leaders: Recognize and support key talent.
- Offer Stability: Reassure employees about job security.
- Create Incentives: Motivate through recognition and rewards.
4. Maintain Customer Relationships
Customers may worry about how the change in ownership will impact them. Prioritize personal outreach to reassure them.
- Introduce Yourself: Send a welcome letter or make personal calls.
- Promise Consistency: Commit to maintaining service quality.
- Gather Feedback: Show you’re interested in their opinions.
5. Make Gradual Changes
It’s tempting to jump in and make immediate changes, but doing too much too soon can backfire. Implement improvements gradually, using employee and customer input to guide your decisions.
- Prioritize Quick Wins: Start with small, impactful changes.
- Monitor Results: Track the impact of changes.
- Stay Flexible: Adjust your approach as needed.
Final Thoughts
Taking over a business is a huge milestone in one’s life. The first 90 days are your opportunity to prove your leadership and gain trust. By listening, communicating, and maintaining stability, you’ll lay the foundation for a successful future.
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