This week sees a remarkably insightful collaborative episode in which Gavin is in conversation with Jonathan Jay of the Dealmaker's Academy, a specialist in helping seasoned business owners who have reached a certain level in their businesses, and who wish to make acquisitions that will expand the size of their companies.Gavin and Jonathan have joined forces to discuss how successful acquisitions work, and the ideal process that should take place post-acquisition.Sign Up Here: https://bit.ly/biz-podKEY TAKEAWAYSMost of the groundwork should be done beforehand when it comes to acquisitions. No one wants to walk into a newly acquired business and be faced with a barrage of surprises. Special attention should be paid to understanding the culture of the business.They key to any smooth takeover is a period of transition; a handover that must be seen as a very positive experience for the company. It is a passing of the baton, instead of a “scorched earth” policy.Staff worry when an acquisition takes place, and this is a natural feeling. Many will suspect that their livelihoods and positions are at risk. It is worth being extra communicative during this period. Remember that the workforce will sense that something is wrong if you are not telling them that everything is right.If staff cuts are necessary, be honest and open from the beginning If the business needs to be downsized, then make sure staff are aware. Misleading at this point will lead to a loss of trust which can be almost impossible to regain.Businesses can sometimes be handed over with outstanding debt attached. Jonathan advises that proper investigation should reveal any outstanding bills, and that these should be deducted from the purchase price when agreed.Deal acquisition can be very addictive. A successful acquisition can provide a huge boost to confidence, as well as an affirmation of self-belief. Many who succeed find themselves eager to continue.BEST MOMENTS‘Most people see acquisitions as a negative thing. The first thing is to settle everyone down' 'The people can be your biggest asset or your biggest liability' ‘You fix all those things and it sends a very, very positive message' ‘You de-risk the transaction, that's the aim here' ‘You can't eliminate every eventuality'  VALUABLE RESOURCES The Business Mastermind Podcast The Dealmaker's Academy - https://www.thedealmakersacademy.com/about-us/The Business Buying Strategies Podcast - https://www.thedealmakersacademy.com/podcast-episodes/Jonathan Jay YouTube - https://www.youtube.com/thedealmakersacademyBusiness Buying Strategies by Jonathan Jay (Book) - https://www.thedealmakersacademy.com/business-buying-strategies-book/ ABOUT THE HOST Gavin Preston Gavin is an inspirational Speaker, Business Strategist, Business Growth Mentor, Trainer andhigh-performance Coach.  He works with Business Owners and Entrepreneurs and has a strong track record in creating creative strategies to accelerate the growth of their business. He has helped hundreds of SME business owners and leaders improve their performance and that of their business and a comparable number of executives and employees in blue-chip corporates over the last 20 years.Gavin's energetic, insightful and yet down to earth and practical talks, workshops and coaching is in demand with high growth business between £250,000 and £30 million revenue and with multi-national organisations at all levels from Board to frontlineManagers. He is an expert in Business Growth Strategies, Peak PerformanceMindset, Persuasion & Engagement, Marketing, Productivity, LeadershipDevelopment, Team Development & Motivation, Leading Change, StakeholderManagement, Personal Effectiveness and Behavioural Change. CONTACT METHODGavin Preston WebsiteGavin Preston LinkedInGavin Preston YouTubeGavin Preston FacebookGavin Preston Twitter  Hosted on Acast. See acast.com/privacy for more information.