You just bought a business. Now what?

Over the next few newsletters, I’m gonna break down your entire first year as a business owner into a step-by-step series, starting with the most critical period: Week 1.

You just closed on your first business.

Congratulations!

Now comes the hard part…

After helping hundreds of students complete their first deals, I’ve learned exactly what separates successful acquisitions from disasters.

And it all comes down to what you do in that critical first week.

Today, I’m walking you through the exact playbook for Week 1 as a new business owner

Your #1 priority? Keep your employees from jumping ship

Here’s what your employees are thinking the second you walk through that door:

“Is this new owner going to fire everyone and bring in his own team?”

“Should I start looking for a new job right now?”

“How long until I'm out of here?”

Remember… this business is the center of their financial world. They rely on it to feed their families and make their car payments.

So the first thing you do when you walk in?

Tell everyone to relax.

No one’s going anywhere. In fact, you want them all to stay and help you build this business together.

Next, meet with every employee individually

In that first week, sit down one-on-one with each person.

Ask them:

• How long have they been there?

• Why do they like (or not like) about working there?

• What are their biggest concerns about the business?

• What hopes do they have for the future?

This conversation does three powerful things:

First, it helps you understand what’s actually broken in the business (employees will tell you things the seller never would).

Second, it builds trust. You’re going to their level and genuinely listening.

Third, it lets you cast your vision. Tell them why you bought this business and what you plan to do with it.

When employees start seeing changes based on concerns they raised in Week 1, you’ll solidify that you’re an owner who actually cares.

Then, lock down your financials immediately

The financial side can’t wait.

• Set up your new bank accounts and transfer all incoming payments

• Review accounts receivable to understand your cash flow cycle

• Fix the payroll system (employees need to know their paychecks won’t be interrupted)

• Hire a dedicated bookkeeper if the business doesn’t already have one

That last point is critical.

Businesses live and die by cash flow, and you can’t manage what you can’t measure.

Last, identify and retain your key employees

Figure out who the 3-5 mission-critical people are, and make sure they don’t leave.

My student Melissa bought a pool cleaning company in Myrtle Beach, and she built a $25k retention bonus into the purchase agreement.

The day after closing, she handed checks to her three key employees in exchange for signed contracts agreeing to stay for a set period.

This gave Melissa confidence that her foundation was solid, and she could focus on growth instead of scrambling to replace essential staff.

Ultimately, week 1 is about building trust, understanding the business, and stabilizing operations.

Get this right, and everything else becomes easier.

Screw it up, and you’ll spend the next year fighting fires instead of growing.

In the next part of this series, I’ll share what to focus on in days 30-90, to keep things growing and running smoothly.

Until then, if you’re interested in buying a small, boring, cash flowing business, I occasionally share valuable deals and investment opportunities with subscribers on this email list.

If you’d like to receive those emails, just fill out the 2-minute survey below.

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Or if you have a business you’re looking to sell, tell me more about it below:

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Onward,

— Ben Kelly