How To Screw Up the Business You Just Bought in 10 Easy Steps

#1.   Thinking that you’re a lot smarter than the guy who just sold it to you. 

No one doubts that you are a real smart dude, but probably not so much when compared with the guy who has spent the last 20 years making the thing fly.  He’s done an excellent job or no one as smart as you would have been dumb enough to buy it.  No business buyer should fail to take advantage of every second he can spend with the prior owner.  This time should be treated like gold.  Failure to learn everything you possibly can from the prior owner will cause the Gods of Murphy to slap the come-uppance out of you. Employees are great and you should retain everyone you can, but there is no one more knowledgeable about how the business is run than the prior business owner.