The people in your business - asset or liability?

When making a business acquisition, you need an HR specialist who can guide you through the people aspects. Kelly Bater, one of my Human Resource experts, joins me on the show to share with us what has changed in HR when it came to buying a business. She shares some of the challenges people saw in businesses during the pandemic, and also talks about the essential elements business buyers should know regarding people.

Key Highlights

[01:48] Challenges encountered by people buying business during the pandemic

[03:54] What one should know when making acquisitions

[04:42] Why we should let professionals carry out the entire process of business acquisition

[05:16] Challenges posed by the Furlough government directive

[10:17] Key essentials business buyers should know when it comes to people aspects

[14:40] What do business buyers do after obtaining all the necessary data from the seller

[17:00] how the world of employment has changed

[18:28] How small business owners can implement understanding culture with no huge costs

[19:50] Why hybrid is going to be the way forward for businesses

[24:29] Psychology behind the failure of the no-limit of holiday strategy.

[26:56] Advice to potential business buyers

[27:54] How to connect with Kelly

Notable Quotes

• I think people like that flexibility in their lives. But it doesn't always suit the company.
• I think you can do one-to-one conversations on the screen. That's fine. But when it's the group interactions and communications, it's it's far more trickier.
• I think generally we look at when we're buying a business, we look at the financial structures, the business structures, and quite often forget about how do the people fit in that.
• No matter how much money you give somebody, if they're mentally not interested, you could pay them for that time, and not get the most out of them.
• As long as you've got the data, as long as it's upfront, and as long as you prepare your communication, you should be good to go.
• Look into it, do your research, make sure it's a business for you and look at yourself.

Resources

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.

If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: https://www.dealmakersvideo.co.uk

Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk

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