Ownership changes impact a business at all levels, from customers to employees, referral sources to vendors, and all other aspects of the operations. The transition breaks down into three phases:

1. Prior to closing (e.g. due diligence)
2. The first 30, 60 and 90 days after closing
3. The longer-term

Prior to closing, it is important for a new owner to thoroughly investigate the legal, financial, and strategic issues related to the transaction, and plan for resolution either prior to or immediately following closing. Here is a sampling of the questions that will arise:

• How are leases and contracts assigned to the new owner?
• How are balance sheet items like accounts receivable and accounts payable handled?
• How much working capital is required?
• What should be done prior to closing, and what can wait until after closing?
• When and how should the new owner be introduced to employees?
• On what items are sellers and buyers most likely to disagree, and what is the simplest path to resolution