Buying someone else’s business presents special challenges

When one small business buys another, the hardest part may come after the deal is sealed, as the new owner starts integrating the two companies.

Employees are usually nervous, and clients and customers are likely to be wary as everyone wonders what’s ahead. During the first weeks and months after an acquisition, an owner needs to do a lot of reassuring while also trying to assess what changes the combined operation needs.

”It’s a period for making lasting impressions that will either turn the troops on or off,” said Thomas Neff, co-author of You’re In Charge – Now What?

Neff’s co-author, James Citrin, said owners need to remember that employees are ”looking through the lens of self-interest – what is this new owner going to mean for my job? Am I safe, am I going to be restructured? If not, am I going to lose my job?”

Neff said the new owner needs to be ”listening, learning, building trust and confidence, setting expectations – and communicating.”

Joyce Rosenberg

Full Story: http://www.sltrib.com/business/ci_2597470