are you likely to succeed as a company owner if the previous owner did well up to the time he sold it?

Answer 1

Hi there. That one is entirely up to you! I had a successful job for 7 years and when my boss at the time decided to sell i thought it would continue. Not to be... Anyway the new owner changed things that worked well for staff and clients,and added things that didnt work. Do your research before you put your mark on an already successful business. In the end the new owner did me a favour as i left along with all the other staff! I started my own business with a good friend and we are now a very successful business of over two years. Good luck

Answer 2

You didn't mention the size of the company or the type business. If the old owner was in an office with people under him doing the work then follow the old owners advice. If his business plan was successful then don't deviate from it. If it's a small company and you will be facing your clientele then it's up to you how well the business will do. Customer / client retention is a tricky thing when an owner sells his small business where he worked directly with them. It's a matter of trust. With a larger company the owner is usually a faceless entity to the customers and as long as there is no change in service or product and cost they will not care as much if the company is sold.

Answer 3

How the previous owner did has little bearing on how you will do as owner. While it will help a lot to start with the business already successful, as the new owner, you can do all kinds of things to run it into the ground quickly. There is also the chance that the previous owner knew the business was currently successful but getting ready to go downhill.

Answer 4

I am currently selling my business after having had it for 17 years...it is successful and has good income and cashflow. If the new owner takes my advice, and follows my prior inventory habits and methods of maintaining accounts and advertising then I would expect them to be successful. Part of it is personality but that can be learned. When buying a business, be sure the old owner will be around afterwards. I am staying here, just retiring so I am available for the new owner to contact anytime and would happily help them. I think that would increase their chanes for success as well to have someone to consult if they run into a mental jam.