I am looking to purchase an existing business and introducing my products that I think will be a good compliment. How should I make this transition successful? Lincoln, NE – GS
I would first recommend fully understanding the reasons for the purchase. Are you buying this business because in the past it has been a success? If so, why change anything? I understand that your new product may be of high quality, but this existing business has already found a “recipe” for success. I would strongly recommend having a formal extensive discussion with the previous owner. You might have already done this, but specifically identifying successful products is going to be very important. You might introduce a product that may have already been introduced and deemed unsuccessful. When purchasing a business you are buying much more than just the location and the name. Depending on the business, you are purchasing the reputation, the clientele, distributors, suppliers, the decorations, the environment, the processes, and the systems in which the previous owner, through trial and error, has already determined to be successful. These things are what you are truly purchasing and have significant value. Now that is not saying adjustments are not needed, but proceeding cautiously and carefully before introducing something like a new product line is very important. On the other hand, if this business has been unsuccessful, my next question would be, why are you buying it?