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by a professional
8mos ago
from Ohio State University
in Westchester County, NY, USA
Lots of good feedback. I would add:
- Take control of revenue. Cash is king and most problems are easier to solve when revenue is coming in
- Ask for help from the start from Fractional support. It may slightly increase the expense load, but Fractionals can help drive the business while you are learning. Plus they are a good insurance policy if key people leave
- Start to conduct operating meetings. Like ^redacted said, define your OKR's / north star metrics. Get the cadence going. Your first operating meeting should be within a month of acquisition. I'm also a big fan of democratization and financials. Employees don't know how to perform unless the see results
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by an investor
8mos ago
from McGill University
in San Diego, CA, USA
1. Sit in every seat to learn the ins and outs of the business. Make sure you spend much more time listening than talking. Part of listening includes thanking your employees in a thoughtful manner (hand written thank you note, a new chair, a better laptop, etc). Be careful making big changes in the first 100 days. There is often a lot of hidden institutional knowledge embedded in legacy systems and people who have been there a while but seem inefficient. Map what’s working, what’s not, and what the culture values most. Then make changes that reinforce the best of what’s there.
2. Measure before you move - as you sit in every seat, sort out what the measurable KPIs. This will enable you to set standards and treat everyone fairly/transparently. As Dave Dodson said in the Managers Handbook - “You can’t steer what you can’t measure. The fastest way to lose credibility is to make a decision without the data to back it up.”
3. Be transparent/overly communicate. Establish regular weekly meetings with your leadership team, and perhaps a daily standup if the business is operationally intense. People don’t necessarily need to agree with every decision but they do need to understand the why.
4. Get 1-2 quick wins. Identify one or two problems that are visible to the team and fix them decisively (like a broken workflow, an outdated tool, or a frustrating bottleneck). These visible improvements send a signal: the new owner gets things done.