The first 90 days are the most challenging yet most critical part of the transition. It's essential to have a firm plan for maximizing value during this time.
A smooth ownership transition can alleviate numerous headaches and problems. When handled strategically, it keeps the business moving forward despite changes at the top.
Creating a detailed communication plan with employees helps to alleviate fears and ensures they feel engaged and informed during the change in leadership.
Before taking over, determine your plans with the current owner and have a legally agreed-upon transition plan to ensure everything proceeds seamlessly.
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