This list is especially intended for owners of newly purchased businesses.  It could also serve as a check list for any owner or start up entrepreneur.

It is a non-inclusive list as each business, business environment has its own nuances.  Often when a business is purchased a number of these are in place and easily transitioned.  It is usually better to not change systems for a period of time until there is a thorough understanding of the operation purchased.

  • Discussion group, coach, other guiding light(s) beyond the seller
  • Established organizational structure
  • Tax numbers for IRS, State, County and Municipality
  • Licenses to operate in locale and for certain businesses and services
  • Necessary inspections, i.e. fire inspection, kitchen inspections, owned equipment
  • Insurance for business as whole that may include workman’s compensation, general liability, errors and omissions, bonding, etc. – often easily secured from seller’s broker, and checking pricing as more time allows later
  • Utilities including gas, electric, telephone, Internet – often requiring seller assistance/sign off
  • URL, email, website residence, social media, trade mark and name transition – often requiring seller assistance/sign off
  • Bank account established for organization
  • Attorney relationship
  • Consideration of employment vrs. contractual work relationships and proper systems for safety, managing, paying, and keeping files for these relationships within the law
  • Consideration of works in progress at time of transition
  • System for bookkeeping and perhaps bookkeeping services
  • System for inventory management and thorough understand of both those for sale and those for in house use
  • System for billings and collections
  • System for filing taxes and perhaps tax professional
  • System for computing and back up of computing
  • System for quality control
  • Review of other contracts for legality, template changes
  • Perhaps a change of locks and keys
  • Delivery systems, depending on product or service
  • Getting to know competitors
  • Getting to know vendors
  • Getting to know those with symbiotic opportunities
  • Participation in groups that can enhance your work and success
  • Business plan to include components of financial, marketing, operations, relationships internal and external
  • Exit strategy with keen understanding of value at least once a year
  • Time to rest

When you discover some missing from here, do please let me know, ensuring a better list for the future.