You’ve signed the contracts, settled the purchase, and the keys are in your hand. Now what?

The first 100 days of business ownership are widely regarded as the most critical period in any acquisition. Nearly 90% of private equity firms formulate a structured 100-day plan when acquiring a business — and for good reason (Grant Thornton & PitchBook). Research by PwC shows that companies with a robust pre-acquisition integration plan are 50% more likely to achieve their anticipated value from the deal (PwC).

Yet many first-time buyers step into ownership without a plan — and the numbers reflect it. A landmark study of 40,000 acquisitions found that 70–75% fail to deliver their intended value (Fortune, 2024). Much of that failure happens not at the deal table, but in the critical weeks and months that follow.

This guide gives you a structured, evidence-based plan for your first 100 days — tailored to the Australian regulatory environment and grounded in data on what actually works.

Before Day 1: Preparing for Settlement

Your 100-day plan should begin before you take ownership. Use the period between signing and settlement to:

  • Apply for your own ABN: The seller’s ABN cannot be transferred — you must apply for a new one through the Australian Business Register
  • Register for GST if turnover is or will be $75,000+ (you have 21 days from reaching the threshold, but register early to avoid delays)
  • Set up business banking and payroll systems so they’re ready from day one
  • Begin licence transfer applications: In Australia, business licence transfers can take up to 12 months (business.gov.au). Use the Australian Business Licence and Information Service (ABLIS) to identify every licence you need across federal, state, and local government
  • Negotiate the handover period: 75% of buyers want the former owner to stay on at least one day per week for six months post-sale — but only 56% of sellers are willing to do so (BizBuySell). Agree on this before settlement, not after

Days 1–30: Stabilise and Listen

The single most important rule for your first month: do not make major changes. Observe, learn, and build trust. The research is clear on what happens when you don’t.

Talk to Your Employees First

Employee retention is your most pressing challenge. The data is stark:

  • 33% of acquired workers leave within the first year — nearly three times the 12% departure rate for regular new hires (MIT Sloan)
  • An EY study found employee turnover after a merger averaging 47% in the first year and 75% within three years (SparkBay)
  • 90% of employees decide whether to stay or leave within the first six months of an acquisition (M&A Community)
  • Replacing a departing employee costs 50–200% of their annual salary when you factor in recruitment, training, and lost productivity

On day one, hold an all-employee meeting — ideally with the previous owner present. Communicate three things clearly:

  1. Their jobs are secure and you value them
  2. You’re here to learn from them, not to overhaul everything
  3. You have an open-door policy and welcome their questions

Understand Your Fair Work Obligations

If the acquisition qualifies as a transfer of business under the Fair Work Act 2009 (Part 2-8), specific obligations apply automatically. A transfer of business occurs when employees start with you within three months of leaving the seller, performing substantially the same work. In this case:

  • You must recognise prior service for parental leave, flexible working requests, and personal/carer’s leave — this is non-negotiable
  • If you are not an associated entity of the seller, you may choose not to recognise accrued annual leave and redundancy entitlements — but the old employer must then pay those out
  • Long service leave always transfers — the seller cannot pay it out and “reset the clock”
  • Any applicable enterprise agreements or modern awards may transfer with the employees

Contact Key Customers Personally

Customer retention is your second critical priority. Research shows that customers are up to three times more likely to switch after an ownership change (FI Works), and post-acquisition attrition rates of 20–30% or more are common.

A telling finding: customers who learn about an ownership change from external sources are twice as likely to leave compared to those who are informed directly (Escalent). They need to hear it from you first.

In your first week, personally contact the business’s top 10–20 customers. Introduce yourself, assure them of continuity, and ask what they value most about the business. This is both a retention strategy and a valuable source of intelligence.

Bain & Company documented how Westpac, upon acquiring St. George Bank, set a goal of losing zero customers — and achieved it. St. George’s churn rate actually dropped following the acquisition. The key was deliberate, proactive customer communication and maintaining the St. George brand identity. In contrast, First Union lost 20% of its customer base in the first year after acquiring CoreStates Financial, demonstrating the cost of getting this wrong (Bain & Company).

Your Day 1–30 Checklist

  • Hold an all-employee meeting with the previous owner present
  • Begin structured handover and training with the seller
  • Personally contact top 10–20 customers
  • Meet key suppliers and confirm terms
  • Confirm all ABN, GST, PAYG, and superannuation registrations are active
  • Notify the ATO of any updated ABN details within 28 days
  • Set up your own accounting, payroll, and banking systems
  • Obtain access to all business systems, passwords, and accounts
  • Review all current contracts — employment, supplier, lease, customer
  • Do not make staffing changes, process overhauls, or strategic pivots yet

Days 31–60: Analyse and Understand

With a month of observation under your belt, you now have the context to start analysing what’s working and what isn’t — without the risk of acting on assumptions.

Conduct an Operational Audit

  • Map every process: Document how work actually gets done (not how the manual says it should). Identify bottlenecks, redundancies, and inefficiencies
  • Review all subscriptions and services: New business buyers spend an average of $7,610 on accounting and HR services alone in the first year (BizBuySell). Audit existing subscriptions, software licences, and vendor contracts for waste
  • Assess technology: Are the current systems fit for purpose? Are licences transferable? What immediate upgrades are needed?

Deep-Dive into the Finances

  • Cash flow forecasting: Build monthly cash flow projections for the next 12 months. You should have 3–6 months of operating expenses in reserve (Biz2Credit)
  • Reconcile working capital: If your purchase agreement includes a working capital adjustment mechanism, now is the time to reconcile actual figures against the peg
  • Track every dollar: In aggregate, business buyers spend more than $26 billion (USD) on supplier services and products during their first year of ownership. Small expenses add up fast
  • Separate personal and business finances: If you haven’t already, ensure complete separation — this matters for tax, liability, and loan covenant compliance

Assess Your Team

By now you should have a clear picture of each employee’s strengths, role, and importance to the business. Research shows that employee problems are responsible for one-third to one-half of all merger failures (IMAA).

  • Identify your key people — who are the employees the business truly cannot function without?
  • Consider retention incentives for critical staff (bonuses, development opportunities, clearer career paths)
  • Note any skills gaps or training needs, but hold off on hiring unless absolutely necessary
  • Check that all employment contracts, modern award classifications, and superannuation payments are compliant — the Fair Work Ombudsman has been increasingly active in enforcement

Your Day 31–60 Checklist

  • Complete an operational process audit
  • Audit all subscriptions, contracts, and recurring expenses
  • Build 12-month cash flow projections
  • Reconcile working capital against the purchase agreement
  • Assess team capabilities and identify retention risks
  • Review supplier contracts and renegotiate where appropriate
  • Check licence transfer progress (follow up on applications lodged before settlement)
  • Begin building your own relationships with customers (beyond the initial introductions)
  • Start forming a picture of quick wins and longer-term improvement opportunities

Days 61–100: Implement and Grow

With two months of observation, analysis, and relationship-building, you’re now in a position to start making considered changes.

Implement Quick Wins

Start with changes that are low-risk, high-impact, and visible. These build confidence — both yours and your team’s. Examples might include:

  • Fixing a process that everyone complains about
  • Cutting a significant unnecessary expense
  • Improving a customer-facing touchpoint
  • Upgrading outdated equipment or software

Develop Your Growth Strategy

Now is the time to develop a 12-month strategic plan, working backwards to identify what needs to happen in the next quarter. Consider:

  • Revenue diversification: If you identified customer concentration risk during due diligence, begin building a broader customer base
  • Marketing: Develop or refresh the marketing plan. First-year marketing and advertising is consistently one of the top spending categories for new business owners
  • Operational improvements: Implement the efficiency gains you identified during your audit
  • People development: Invest in training — research shows effective training programs can enhance employee performance by up to 23% and smooth the ownership transition (IMAA via C-Suite Strategy)

Plan the Seller’s Exit

If the previous owner has been assisting during the transition, this is typically when their involvement starts winding down. The most common formal training period is 1–3 months, though some sellers continue in a consulting capacity for longer (Morgan & Westfield).

Before they leave, ensure you have:

  • All undocumented knowledge captured in writing
  • Personal introductions to every important relationship
  • A clear understanding of seasonal patterns and potential pitfalls
  • Access to all systems, accounts, and records
  • Their contact details for future questions (ideally included in the sale agreement)

Your Day 61–100 Checklist

  • Implement 2–3 quick wins identified during your analysis phase
  • Develop a 12-month strategic plan with clear milestones
  • Launch or refresh marketing initiatives
  • Address any compliance issues identified during your audit
  • Plan the previous owner’s transition out of the business
  • Ensure all licence transfers are complete or progressing
  • Conduct a financial health check — are actuals tracking to your projections?
  • Begin developing your own leadership rhythm (team meetings, reporting cadence, review cycles)

The Opportunity Ahead: Australia’s Succession Wave

If you’ve recently bought a business — or are considering it — you’re part of a historic shift. Baby boomers own approximately 80% of Australian SMEs, valued at roughly $3.5 trillion (Dynamic Business). Of those owners, 48% plan to exit within the next 1–5 years, yet only 24% have a succession plan in place.

Close to 4 million retiring baby boomers will exit the Australian workforce over the coming decade (ScotPac). For prepared buyers, this represents an unprecedented wave of opportunity — but only if you can manage the transition successfully.

Key Principles for a Successful Transition

Drawing from the research, several clear principles emerge:

  1. Patience pays: Resist the urge to “make your mark” immediately. The first month is for listening and learning
  2. People first: Employee and customer retention is more important than process optimisation in the early days. A 5% improvement in customer retention produces more than a 25% increase in profit (Bain & Company)
  3. Communicate proactively: Bad news travels fast; good communication travels faster. Tell your employees, customers, and suppliers about the change before they hear it from someone else
  4. Plan the handover: The seller’s knowledge is irreplaceable. Maximise the overlap period and document everything
  5. Watch the cash: More businesses fail from cash flow problems than from lack of profit. Monitor cash weekly, not monthly
  6. Get the compliance right: Australia’s regulatory environment — from Fair Work to the ATO to state-based licensing — has real consequences for non-compliance. Don’t defer these obligations

The first 100 days set the trajectory for everything that follows. Invest the time, follow the data, and build on what’s already working. If you’re looking for your next business opportunity, explore our current listings or get in touch with our team.

Sources and Further Reading