Will the buyer provide training? How long will the transition period be? Will seller be available after training period? Dealing with employees and helping them Adjust. Giving time to turn losses in to profits. Take it slowly and carefully.
The transition time involved with buying an existing business
The transition time is the duration that it takes for you to settle in after you have purchased the new business. Settling in means that the operations resume as normal, or the business starts working as you had intended it to before buying it. If you plan to buy the business lock stock and barrel and continue to run things as they were, you are going to have a smooth transition time. However if you intend to create a lot of changes, change marketing strategies, hire new employees or make radical changes in the functioning of the business, then the transition period is likely to be longer and more complicated.
The transition time also includes the feelings of the business seller as well as the employees about you taking over. When the business seller is happy selling the business to you, he is going to be more forthcoming and helpful to help you take over the business, it is common for sellers to provide training for an agreed duration of time. The seller may also agree to being available over the phone or e-mail for a specific duration of time after this training is over. Any new training that you intend to provide to your existing employees is also part of the transition time.
When someone new purchase is a business, it can be a reason why the employees might feel insecure about their jobs. If you intend to keep employees in the business, you should also try and make them feel secure in their jobs as well as their future prospects with the business. The happier and more secure an employee of the business feels in his/her job, the more they will feel responsible for contributing to the growth of the business.
Building respect and appreciation from employees is important. When you first take over the business, try and include people in key positions in your future plans. Making radical changes without consulting or informing the employees might make them feel insecure in their current jobs. In order to have a smooth transition period and the least amount of problems with your employees, keep channels of communication open.
Taking on an existing business can have its own set of complications and difficulties but with hard work, and honesty you should be running things efficiently.