There are many pros and cons to taking on a business by buying it outright, the same as there are pros and cons to launching a brand new company itself. Depending on your reasons for getting into commercial enterprise, these can vastly differ. Of course, it’s hard to deny some of the shortcuts that become conveniences if you take this route. You likely already have something of a brand identity the business has earned, not to mention a local customer base of some size, and maybe many of the equipments and assets you need to begin operations.
However, it’s also true that sometimes, these can be a hindrance. For example, every prior customer has an idea of what this business is and what they like about it, and may be very vocal if you think about changing a few elements. However, it’s your business, and your right to alter its identity to better suit your needs. Without throwing away the prior goodwill and familiarity the business has earned, making it clear the company is under new management can be vital.
Let’s consider how to thread that needle, with the following advice:
Centre Yourself & Introduce Who You Are
No matter the business, the best move you can make is to immediately become the visible, friendly face of the new management, because people like to know who they’re dealing with. You should make a point of introducing yourself to the regular users of the company, sharing a little about your personal vision for the company, and just being present in the business during operating hours.
An open approach shows you respect the existing customers, and it gives the brand a fresh, approachable, human connection right away. This tells everyone the ownership has changed, but the caring and personal touch they expect is still there and perhaps even better now. Though of course, not all businesses need to do this. A local loved cafe? Yes. A local mechanic? Maybe you don’t need to knock on doors just yet.
Be Clear About Reasons For Changes
If you plan on changing anything about the business, even small things, it’s always best to be very open and explain why you’re doing it to the customer base. Most people are generally fine with alterations as long as they understand the benefit, so you should clearly communicate what you’re doing and how it will improve their experience, not just yours.
For example, if you’re replacing old equipment or updating the menu, talk about how a new item or machine will lead to better quality or faster service, showing them the benefit directly. Transparency respects their loyalty and helps avoid rumors or disappointment because they feel like they’re being kept in the loop and their experience matters to you.
Refit Your Visuals
If you want fresh start without completely erasing the brand’s history, make a few changes to the company’s look and feel, both inside the building and online. You don’t need a total rebrand don’t worry, but maybe some new paint, signage, or a clean-up of the store layout is enough.
For instance, you might begin installing a new commercial fridge in a food service business, which not only looks modern but also shows an investment in quality and efficiency. Thoughtful updates tell the public the business has new energy and you’re sure to get some goodwill if you do it right.
With this advice, we hope you can make a perfect new management start.
