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SVTPerformance's Chain of Restaurants
Road Side Pub
Business owners
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<blockquote data-quote="Blown 89" data-source="post: 14934892" data-attributes="member: 45161"><p>It's not and keeping customers and employees is the tricky part. I wouldn't say it's just as risky because statistically it's not.</p><p></p><p>Generally a mass exodus customers is due to changes in quality but if it's done right they don't need to know the company has changed hands. </p><p></p><p>Employees are harder to deal with. Most are afraid their jobs are in jeopardy so I've found that it's best to be completely honest with them. The ones that leave are always cancerous employees to begin with and I've had very few of those over the years. Most are excited for a change of pace and growth. I have an entire speech about my history as a business investor that's done a great job at quelling employee fears over the years. </p><p></p><p>That's funny because I have. </p><p></p><p>Learning the business is the only way to ensure success. Absentee owners never, and I mean never, work. In the beginning it's a scramble to learn something new, that's why you retain the old owners as part of the contract for a specific time along with a withholding of the purchase price that's contingent on a measure of success. It gives the old owners both legal and financial incentive to ensure your success and gives you a timeline to learn what you need to know. That's all part of doing due diligence.</p><p></p><p>If you think you're the exception than by all means play that lottery. Even more conservative data shows over a 50% failure rate. Romanticize it all you want, those are horrific odds.</p></blockquote><p></p>
[QUOTE="Blown 89, post: 14934892, member: 45161"] It's not and keeping customers and employees is the tricky part. I wouldn't say it's just as risky because statistically it's not. Generally a mass exodus customers is due to changes in quality but if it's done right they don't need to know the company has changed hands. Employees are harder to deal with. Most are afraid their jobs are in jeopardy so I've found that it's best to be completely honest with them. The ones that leave are always cancerous employees to begin with and I've had very few of those over the years. Most are excited for a change of pace and growth. I have an entire speech about my history as a business investor that's done a great job at quelling employee fears over the years. That's funny because I have. Learning the business is the only way to ensure success. Absentee owners never, and I mean never, work. In the beginning it's a scramble to learn something new, that's why you retain the old owners as part of the contract for a specific time along with a withholding of the purchase price that's contingent on a measure of success. It gives the old owners both legal and financial incentive to ensure your success and gives you a timeline to learn what you need to know. That's all part of doing due diligence. If you think you're the exception than by all means play that lottery. Even more conservative data shows over a 50% failure rate. Romanticize it all you want, those are horrific odds. [/QUOTE]
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SVTPerformance's Chain of Restaurants
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