The first 30 days after closing (a post-acquisition checklist)

If you’ve ever wondered what comes immediately after you close on a business, today’s newsletter is for you!

Your first 30 days are critical for setting the tone of your ownership and preventing problems down the road.

Here’s what to focus on in those first four weeks 👇

Week 1 - Secure your key employees

Your first priority is making sure critical employees don’t leave.

If you have a General Manager or key staff who keep the business running, you need to lock them in immediately.

Here’s how:

• Give them a raise and bonus structure (with a vesting period requiring them to stay at least a year)

• Offer equity (even 5% ownership can dramatically shift their mindset from employee to partner)

• Use phantom equity if you don’t want them on the cap table (they get profit distributions and a cut of any future sale)

Week 2 - Build vendor relationships

Vendors will try to raise prices on you because you’re the new owner and they don’t know or trust you yet.

Fortunately, there are a couple great ways to prevent this!

Start by having the previous owner personally introduce you to major vendors (in person if they're local, or via phone call if not).

This warm handoff immediately establishes credibility.

Then, follow up by sending a gift to key vendor contacts (a bottle of wine or their favorite whiskey goes a long way), and schedule regular check-ins throughout the year to stay top-of-mind.

This small effort can save you thousands in price increases down the road.

Weeks 3-4 - Set up your operating rhythm

By now, you should establish your weekly management routine.

Schedule a standing weekly meeting with your GM where you review KPIs and performance metrics, discuss employee updates, tackle current challenges, and identify growth opportunities.

One of my students, Lindsay, runs her carpet cleaning business in just 5-10 hours per week, mostly through one weekly GM meeting and periodic check-ins.

And that’s a great sweet spot between staying informed and staying hands-off.

Now, here’s what not to do

Resist the urge to make dramatic changes immediately. Wait at least 90 days before making major moves so you can understand how everything actually works.

Don’t fire people without understanding the full picture, and don’t assume you know better than employees who’ve been there for years.

The first 30 days are about building trust and stability, not proving you’re the boss.

Get this right, and everything else gets easier.

If you’re ready to make your first acquisition, I share interesting business deals with subscribers when I come across ones worth evaluating.

To get those emails, fill out this short form:

👉 I want to buy (or invest as a silent partner into) a small business

Or if you’re looking to sell your business, fill out this form instead:

👉 I want to sell my small business (and I’m actively looking for buyers)

Onward,

— Ben Kelly