The Playbook by SMBootcamp

Just bought a business? Your first 90 days as an owner set the stage for your entire journey. Whether you're a first-time buyer or expanding your existing portfolio, these early months are crucial.

This guide provides practical steps, drawing on lessons from myself and good friend Kaustubh Deo (@Guessworkinvest on twitter), on how to successfully navigate the critical first 90 days after buying a business.

Before you start, I do want to thank you for being a subscriber to our newsletter and following along in the SMBootcamp journey. You all are what make the ETA community a truly special place to be. We’d greatly appreciate you sharing The Playbook with any of your friends and colleagues that are interested in making small business ownership a reality. Just as a way to show our appreciation for sharing, we have a few rewards along the way.

The Operational Transition: Getting Organized Quickly

If you've acquired your business through an asset purchase (most common among acquisition entrepreneur deals), the logistical transition is significant. Your first week should focus on critical administrative tasks.

Note: In a stock purchase, most of this doesn’t matter since the existing systems largely stay in place post-close.

Key tasks to tackle in Week 1:

• Set up new business bank accounts immediately

• Establish payroll systems and collect all required documentation from employees and contractors (W-4, I-9, EIN)

• Transfer or initiate accounting software and financial reporting processes

• Update licenses, vendor agreements, customer contracts, and essential software logins for any accounts associated with the previous business entity

Note: This does mean lines of credit and terms with vendors could be in jeopardy in asset sales!

Tackling these immediately avoids ongoing disruptions and ensures operational continuity. The last thing you want in an ownership transition is to mess up your first payroll. Mistakes are costly when you’re trying to earn the respect of your new employees.

Communication With Your New Employees

When you acquire a small business, employee uncertainty is common and to be expected. After all, they didn't initially choose to work for you, and who’s to say that you’re going to keep their livelihood (i.e. their job) safe?

It is paramount that you quickly step in and build trust with your employees, establishing credibility and setting the stage for operational changes. Without employee respect, they might leave or worse, stay disengaged. Either way, your ambitious post-close plans won’t go far without their buy-in.

Here’s how to approach employee communication:

• Schedule a short, transparent meeting within your first few days

• Clearly communicate your intentions: you're here to learn, support, and eventually grow the business

• Avoid making promises you cannot immediately fulfill

• Demonstrate your commitment through quick wins: fix minor pain points that matter to employees at all levels

People respond positively to authenticity. Be honest about what you don’t know, and focus on listening and learning from your new team. Even though you might technically “be the boss,” it’s more likely than not that your team will know far more about the subject matter than you will. The worst thing you could do is come in like a know-it-all. The first few months are about learning the business from the ground up.

How (and When) to Announce the Deal to Customers

Communicating your acquisition to customers depends largely on your business type:

• B2B with long-term contracts: Consider a quieter, gradual transition to avoid unnecessary client anxiety.

• B2C or service businesses: A thoughtful customer announcement can solidify relationships and even drive short-term revenue, especially if combined with introductory offers or continuity promises.

A proactive and transparent approach typically generates trust and goodwill. But be careful about telling your top customer (who’s best friends with the previous owner) too soon. That timing is a judgment call... and a high-stakes one.

Employee Retention: More Than Just Financial Incentives

It’s tempting to throw money at retention issues. But monetary retention bonuses can backfire:

• You risk misjudging the amount, leading to confusion or even resentment

• Bonuses can signal that you’re “flush,” creating warped expectations

• Money alone won’t earn long-term loyalty or discretionary effort

Instead, consider:

• Working with the seller to craft meaningful “thank-you” bonuses

• Structuring these bonuses so they’re partially paid upfront, with the rest released after 12 months

This approach shows respect while also aligning incentives. At the very least, think deeply about your approach here before closing—some key employees walk in on Day 1 and immediately ask for raises. That moment will test your plan.

Making the Business Your Own

Becoming comfortable as the new owner takes time often more than you'd like. Many operators say it takes a full year (or more) before the business actually feels like “yours.”

That moment often comes when you finally define your own standards of what “great” looks like for your team, your customers, and your operation. It’s no longer about how the previous owner did things, or what the broker told you. It’s about your bar, your expectations, your culture.

Prioritize Building Trust

During the initial 90 days, your most important KPI isn’t profitability or cash flow. It’s trust with your team, your customers, and your vendors.

Build it through:

• Transparent communication

• Follow-through on commitments

• Presence: being available, engaged, and open

You can’t lead effectively without it.

Final Thoughts

The first 90 days after buying a business are challenging but pivotal. Focus on clarity, honest communication, thoughtful engagement, and customer confidence. You don’t need all the answers, but you do need to show up and lead with intention.

Master this phase, and you set yourself up for everything that follows.

Thank You!

Thanks for reading—and for supporting SMBootcamp. We appreciate you taking the time to explore our insights and hope you found this issue valuable. If you're ready to take your acquisition journey further, check out our programs below. We've designed them specifically to give you actionable, real-world frameworks and support to successfully buy and grow your own small business.