The acquisition playbook ends at the close. Sourcing, diligence, financing, negotiation, then the wire clears, the keys change hands, and you're standing in a business that ran on the prior owner's relationships, their instincts, and their head. None of which transferred in the data room. From what I've seen, the first year post-close is where the real risk lives. The team is watching to see who you are. The systems that "worked" turn out to live in one person's memory. And a business that depends entirely on one person doesn't get safer just because you changed which person it depends on. Which means the first-year job isn't defending what you bought, it's building what the business never had. A way to run on a system instead of a personality. For those of you operating post-close... what surprised you most about the gap between closing and running? And for those still searching... is anyone preparing for the operating side before the deal, or does it all go to getting the close done?