Especially if this is your first acquisition, taking on the role of owner of a small or medium-sized business (SMB) can be intimidating. You have a vision for your new business and a lot of work to do in order to get there. With such a massive project ahead of you, you should know exactly where to start. Keep reading to find out the essential first steps to take after acquiring an SMB.

While these terms are often used interchangeably, conflating the two might lead you to stop your due diligence process short. Don’t miss out on the full scope of due diligence by thinking you only need a QoE. While this is an essential part of due diligence, it is only a third of the process.

What better way to learn effective negotiation strategies than to work your way through real-world deal scenarios? The five case studies below represent some of the most common negotiation mistakes I’ve seen self-funded searchers make. Read through the stories, think through what strategy you might use, and then read on to see how I would handle it.

The finances of your target company might look amazing, but other factors in the business can impact your long-term success once you take over. The purpose of due diligence is to uncover whether your target business has the capacity to maintain profitability and even grow under new ownership—which means you have much more to learn about than just finances. Think operations, customers, and industry, just to name a few.

I collaborated with the Acquiring Minds podcast to moderate a panel on the life-changing potential of buying a business as a Black entrepreneur. Bakari Akil, Bruce Vann, and Chris Munn joined me to discuss each of their journeys to buying a business and securing the kind of financial freedom that they always hoped for.