When I first got ready to acquire a new business (which I spoke about in last month’s blog), I wasn’t fully sure what to expect. Now that I’m on the other side, however, I’m thrilled to share some of my unforeseen challenges in hopes you can face them head on with your own initiatives.
Letting go
When you’re taking on a new venture, you have to accept that it will mean focusing less time and energy on your first business. If this is a problem for you, then an acquisition may not be the right type of growth for you. For me, I found it a bit difficult to step away from my first business as I’ve always been very involved, but I’m fortunate to have a solid team to keep the company on track.
“What are your priorities? What can you delegate?”
Time management
One business can take up a lot of your time, so naturally, two businesses can feel like double the work. This can be a challenge for many, especially those who struggle with time management with one business. With that said, it can be helpful to map out your plan of attack before jumping in headfirst. What are your priorities? What can you delegate?
New programs
When acquiring another company, chances are that you’ll be faced with new software and programming, too. The infrastructure may be entirely different than what you’re used to, so keep an open mind and be prepared to learn. For us, it was learning SquareSpace when we were so familiar with WordPress. While it will take some time for you to adjust, rest assured that enough dedication will have you acquainted with the new programs in no time.
Tips for preparing
While my challenges are just some that you may face, be steadfast if you know that the acquisition is what is right for you and your brand. My best tip for preparing for an acquisition is simply to do your homework! Don’t dive in without knowing all of the details of the transition. Be sure that you have the time and energy to invest in your new project, as well as a reliable team to support your first company with minimal supervision—at least for the first several months as you embrace your new business.
Beyond that, make sure that you have fun with the acquisition. While the nitty gritty of the actual shift may not be the most exciting, the important thing is knowing that this new venture is one that will be thrilling and enjoyable in the long term.
Kevin Dennis is the editor of WeddingIQ and owner of Fantasy Sound Event Services, a full-service event company based in Livermore, California. Dennis is the current chapter president for Silicon Valley NACE, and the immediate past national president for WIPA.
