In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share the ultimate toolkit for buying and running a small business. Whether it's managing payroll, setting up the right entity, or preparing for the unexpected, they’ve got you covered. Tune in for tips on creating a thriving company culture, building strong employee relationships, and ensuring operational excellence in the critical first 100 days
Here are some of the highlights:
- Mark and Mat discuss the importance of the seller's involvement in the transition, especially if the business has a strong brand associated with the seller.
- Mat emphasizes the need to document processes and procedures to ensure smooth operations and growth.
- The importance of understanding the business's current state and making necessary changes.
- Employee interviews are recommended to understand the current culture and identify areas for improvement.
- Focus on the need for a transition budget to cover expenses and improvements in the first six months.
- The need to add value to customers and the potential for increasing revenue through new products or services.
- The importance and realization of being in control of one's destiny as a business owner.
