Buying a business is thrilling. The search, the deal, the payoff—it’s easy to think the closing table is the finish line. But it’s not.

The real test of your leadership—and the future of the business—begins the moment the ink dries.

This brings me to a new playbook I will be releasing in the coming months:

The Post-Acquisition Playbook

This series is for anyone who’s ever wondered, What happens after I buy the business? Each post can stand on its own, but together, they form a comprehensive guide to succeeding in the critical first year.

From day one to the first 12 months, this series will help you stabilize, lead, and grow.

I enjoy writing playbooks because the average post stays too high-level to add real value. But a 15,000-word essay isn’t practical either. Playbooks on Local Legends are post series — frameworks designed to guide entrepreneurs, operators, and investors through the challenges of building something that lasts.

You may already be familiar with two other playbooks I’ve been working on:

This new series is the next step: The Post-Acquisition Playbook

Let’s dive in.

Why the Post-Acquisition Phase Is So Critical

The first year after buying a business isn’t just about running it — it’s about proving the deal was worth it.

Employees are watching. Customers are watching. Your investors (if you have them) are definitely watching.

This is when you establish your credibility as a leader and operator. It’s when you figure out what’s working, what’s not, and what needs to change. If you misstep here, it can take years to recover — or worse, the business may never recover.

The entrepreneurship-through-acquisition (ETA) world has a well-known guide: The HBR Guide to Buying a Small Business. If you’re reading this, there’s a good chance you’ve read that too. And it’s excellent — for what it covers.

But it stops at the point of purchase.

What happens after the deal closes is where the real work begins, and it’s where most resources fall silent.

That’s the gap this playbook is designed to fill.

The mindset shift is this: You’re no longer just analyzing or planning; you’re owning.

Buying a business is about potential. You saw it during diligence — maybe in the financials, maybe in the operations, maybe in the team. But diligence is theoretical. It’s built on projections and assumptions.

Theoretical plans are meaningless if they can’t be implemented in the messy reality of day-to-day operations.

Here’s the key question: What does the business need most from me right now?

Your job in the first year is to meet the business where it is, stabilize what’s fragile, and protect the foundation. Ownership is about making deliberate, practical decisions that set the business up to grow—not just survive.

When new owners fail to embrace this shift, they often fall into the most common mistakes: rushing to change everything, overloading themselves, or focusing on the wrong priorities.

Common Mistakes New Owners Make

Even experienced operators stumble in the first year. These are the six most common pitfalls — and how to avoid them:

1. Rushing to Change Everything

New owners are eager to make their mark. They revamp processes, change the culture, or launch new initiatives before understanding what’s already working.

This can destabilize operations and alienate employees, leading to unnecessary friction. Spend your first 90 days observing and learning. Build trust before making changes.

2. Focusing on Growth Too Soon

Growth feels exciting, but scaling a shaky foundation only amplifies problems. Expanding product lines or hiring aggressively without ensuring stability creates vulnerabilities that can sink the business.

Focus first on shoring up what’s already there—your team, systems, and processes—before chasing growth.

3. Underestimating Cultural Fit

Every business has its own culture, whether intentional or not. Ignoring this and imposing your own culture overnight often leads to resistance and disengagement.

Respect the existing culture, especially in the beginning. Gradual alignment with your vision is more effective than trying to force change.

4. Overloading Yourself

Many new owners feel they need to do everything themselves, from high-level strategy to everyday tasks. This leads to burnout and poor decision-making.

Delegate early and often. Identify what only you can do, and empower your team to handle the rest.

5. Failing to Build Trust

New ownership can make employees, vendors, and customers uneasy. If you focus solely on operational tasks and ignore relationships, you’ll struggle to gain their trust.

Make relationship-building a priority. Spend time with your team, listen to their concerns, and be transparent about your vision for the business.

6. Neglecting Financial Health

It’s easy to get lost in operations or strategy and overlook the fundamentals of cash flow management. Poor working capital practices or misjudged spending can create financial instability.

Review the financials regularly and prioritize strong cash flow. If you’re not confident here, get help from someone who is.

Additional Pitfalls to Watch Out For

• Delaying Tough Decisions – Avoiding necessary but difficult calls, like removing underperformers, can perpetuate problems.

• Overpromising Change – Setting unrealistic expectations for what new ownership will deliver can erode trust when those promises fall short.

• Focusing Solely on Short-Term Wins – Prioritizing immediate results at the expense of long-term stability often leads to unsustainable practices.

• Neglecting Personal Growth – Failing to invest in yourself as a leader, whether through mentorship or skill-building, can limit your ability to lead effectively.

The Hidden Challenges of Ownership

Diligence is theoretical; ownership is practical.

Projections, risk assessments, and operational reviews provide valuable insight during diligence, but they don’t tell the whole story. Ownership is where theory meets reality.

Here’s what you don’t see during diligence:

• The vendor relationship that’s barely hanging on.

• The star employee who was already interviewing elsewhere.

• The operational bottleneck that hasn’t been addressed in years.

No amount of preparation can eliminate surprises.

You’re buying into a living, breathing system — with people, processes, and quirks that don’t show up on a spreadsheet.

The key is to embrace flexibility. Don’t cling to a rigid plan.

Focus on learning, listening, and adapting.

A Roadmap for the Year Ahead

Over the next few months, this series will guide you through navigating the first year after an acquisition. Each post will focus on key milestones, including:

• Pre-Acquisition: Pre-Close Moves That Matter

• Day One: Earning Trust

• The First Week: Controlling the Chaos

• The First Month: Gaining Traction

• The First Six Months: Stabilize & Strengthen

• The First Year: Growing Your Business

This series isn’t about theory — it’s about the decisions, strategies, and systems that help businesses thrive.

Whether you’re buying your first business or your fifth, these posts will give you the tools to lead confidently and create lasting value.

Ready to dive into The Ultimate Post-Acquisition Playbook?

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The path to success isn’t simple — but it’s built one deliberate step at a time.

That’s a wrap.

That’s it for this week — thanks for following along. I enjoy reader feedback + ideas on what to write about next. Just hit reply.

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Have a great week ahead 🤙

Chase Murdock