How to Build a Great Team When Buying a Business
Buying a business is an exciting time. You are about to embark on a new entrepreneurial venture and your future is ripe with potential.
In your search for the perfect business, you will also be searching for the right team. The employees are a vital component of any business and, therefore, will be a factor in the ultimate decision of which business to buy.
However, every manager has a different leadership style and every person comes into a situation with a different set of ideas for how things should be done. Taking over management of employees can be a daunting task.
You will need to step into the role with confidence and build a great team that can help you take your business in the direction that you have envisioned.
Be aware that your vision for the business will probably be different to that of the previous owner. You will be looking to grow and expand it from the point that you purchase it. You need to communicate your new goals and ideas with your staff and make them feel part of the vision.
This might mean re-evaluating the specific roles of each employee. It can be extremely helpful to make time to sit with each employee and learn what their current role encompasses.
This will help you get a sense of how this would fit with your ideas for the future of the business. From there you can adjust the specifics of each role so that the team and each of its individual members are moving in the same direction and pushing your business forward.
New team members
Once you know where each of the staff members fits, you can get a better idea of whether or not you will need to add new members to the team. After having assessed the current employee roles and adjusted them where needed, you can find new employees for roles that will complement the existing team.
If someone is the right fit in the new business rather than just the right fit for the role, they will be more likely to stay for longer. Spending time making the right hire is imperative to any business’s success.
A good example of this is the importance that the staff at a pub or bar have to the general atmosphere of the business. The employees will be the face of the business and the people that your customers interact with.
If your staff can work together well and if there is a clear management structure in place, your customers will be far more likely to have a pleasant experience and, therefore, return.
This is true of most businesses. The better your team works together, the more pleasant of an experience your customer will have.
Make sure that your employees have a sense of purpose so that there is motivation for them within their jobs. You should share the goals you have for the business as the new owner and how they are a part of these goals.
Finding any new employees to join your team will mean recruiting someone who can fit into this vision and share this sense of purpose.
A motivated team will bring you the kinds of results that you want within your business. As you hire new employees, make sure that you bring them in on the goals that you have for your new business. Where do you see the business going and how are your employees going to part of getting you there?
Growing your business will only be possible if you have the right team with the right motivations.
By Matthew Hernon is an Account Manager at Dynamis looking after Business Transfer Agents and Franchises across BusinessesForSale.com and FranchiseSales.com.