Fourteen years ago, when I first stepped into the doors of the childcare center I had purchased, I quickly realized that to succeed, the organization needed a culture and reputation refresh.
As a first-time entrepreneur, I quickly understood how important it was to get employees and parents on board with my vision of creating a more engaging, enriching environment for children. Along the way, I learned what it takes to positively transform an existing business’s culture and reputation.
According to research published in 2023, entrepreneurship through acquisition “is gaining momentum as a viable alternative to starting a company on one’s own.” There are many benefits to acquiring a business rather than launching one yourself, such as gaining access to an existing employee and customer base, but there are drawbacks as well. When you take over an existing organization, you don’t just get the good elements that come with it—you also get the bad.