How Business Buyers Can Plan for a Successful Transition Is a smooth transition possible when acquiring a business?

Q: I've started talks with a company's original owner to acquire her business. How do I make sure my first days as the new owner go … well, is smoothly asking too much?

Man with a Plan: Al Statz of Exit Strategies Group.

Photo© Eva Kolenko

A: Ah, the first-time buyer. After talks get going, there's always that day when you wake up and say, "Oh yeah, I'll need to run this place." A smooth transition isn't too much to ask for--as long as you start working toward it early in the acquisition process. Your most important tools for a better Day One? A strong transition plan and the wisdom of the company's original owner.