The Challenge Of Buying An Existing Business

The Challenge of Buying AN EXISTING BUSINESS MANY NEW BUSINESSES COME ABOUT FROM A BRAND-NEW START and are set up from scratch by pioneers. There are some businesses, however, which are purchased or inherited second hand. These businesses can be on their last legs and require guts, drive and determination by the new owner to ensure they are rebuilt successfully. “I FELT QUITE LOST I see results quickly after each Board Meeting because I’m empowered to AND DROWNING do so. It has been an invaluable process for me because I felt quite in my weekly responsibilities, that is, until I became a member of The Alternative Board,” lost and drowning in my week- says Barbara Rivers, Managing Director of The to-week duties and responsibilities. Makers Atelier in Christchurch. Having the backup support of The Alternative Board has helped me to The Makers are a curtain and soft achieve and grow each month.” furnishings manufacturer with a work space of 190 square meters and 9 staff. Barbara has learned lessons from being a Member of The Alternative Board. “I was in two minds as to either start up fresh or purchase a business with clients, staff and production in place. The business I purchased had a good name but was in a state of being rundown and required a lot of energy, marketing and customer relations. The latter two, marketing and customer relations, were things which I knew I was good at.”

“My biggest challenge was that I was pouring “The biggest change I have seen money in each month to keep the business in me has been accepting that I am going, paying staff, working with old pricing the boss and not just a co-worker. I structures, and the challenges that I had believe that the staff are happier in were make or break for the success of the their working environment now. business,” she adds. “Working with The With the help of The Alternative Alternative Board has helped me realize Board, I’ve become very clear on that these are growth stages. I have been given tips to deal with these challenges, our business message and vision.” in a controlled and practical manner.” Barbara’s top tip to other business owners Barbara finds value in being involved in is to work in your new business for a year The Alternative Board peer group process. before you make changes. Understand it and its cycles and, most importantly, ask the customers what they value before you “There’s a real respect with the change. The Alternative Board peer group other Board Members of The process of accountability allows Barbara to Alternative Board. ensure she keeps very clear with her business message and vision.

TheAlternativeBoard.com

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Source: The Alternative Board