As we conclude our series entrepreneurship through acquisition (ETA), let's talk about the moment where the rubber meets the road: getting into the day-to-day running of your new business.

We've already discussed what an ETA is and how to get started on the road to owning your own business, as well as where to start looking and what to look for when buying a company. Now, you're ready to get your hands dirty and test yours entrepreneurial spirit in charge of your new business.

The biggest hurdle in this process is ensuring a smooth process transfer of ownership. When done strategically, this can alleviate numerous headaches and problems while keeping the business moving forward despite changes at the top.

Finally, once the transition is complete, I'll offer guidance on what success might look like in running your own business.

Related: Do you want to start a business? Consider buying one instead – Here's why.

Preparation for the first day

Before you receive the keys to your new kingdom, you'll want to do a few things to prepare as your first day approaches.

1. Transition of power: What are your plans with the current owner and what does he want? transition plan what do they look like? It is important that this is prearranged and agreed – legally, if necessary – so that everything is smooth and trouble-free.
2. Employee communication: Create a detailed communication plan with your new employees. Changes at the top make people nervous, so you'll want to keep in constant contact to help them through.
3. Time map: How will you use your first 90 days to fully understand the business? The first three months of your transition will be crucial for you as a new owner. You need to know how to make that time as valuable as possible.

The first 90 days

In my experience, the first 90 days are the most challenging but also the most critical part of the transition.

Before you enter the office on your first day, you should have a solid plan for this time and stick to it closely. Otherwise, things can go sideways quickly.

Your first order of business is to figure out what the previous owner's role will look like during this period. Most of the time, you want to get them through the first 90 days. It can be a delicate balancing act: You want to keep them as long as possible to make the transition as smooth as possible, but not so long that they start to impede change.

I see the latter happen all the time. Make sure you set clear expectations with the previous owner what you would like their role to be during this time and how you plan to take the reins when the time comes.

This is also the time to start your implementation communication plan. Do this early and often to keep employees updated and reassured.

Be willing to ask questions and listen

The best thing you can do is come in as a new owner and listen.

If it's small enough, build relationships with each employee and stakeholder and ask questions. Get to know them to understand what they want to see moving forward. How can you try to make this smooth and comfortable for them?

Combine all of your findings with your ideas to create a more formal and public transition plan. Once it's finished, share it with your team so everyone knows what to expect and feels their voices were heard.

Related: What you need to know to buy the right business and earn your empire

After 90 days

You chose and bought this business because it was strong and had a promising future. Now is the time to leave a mark on it.

Start implementing your ideas into short-term and long-term goals, ensuring your management teams clearly understand them and are on board. Continue your search, identifying potential areas for growth and innovation, even if they are not immediately addressed. Even when implementing new changes, you must always be a student of your business and your customers.

Improve operations

Before you bought the company, you had a good idea of ​​which processes needed to be streamlined and which areas needed attention.

Now, it's time to highlight those areas and find ways to invest in the new technologies and infrastructure improvements that will allow you to make these necessary adjustments.

Don't forget the culture

It can be easy to get consumed by all the financial and technical details, and you let it the heart and soul of the business I slip through the cracks. Never stop focusing on your people.

Always take opportunities to reassure them that you want to build on what they helped start. Ensure the work environment is positive and encourages open communication and collaboration. One of the best ways to do this is by incorporating town hall meetings to address any concerns head-on, share your vision transparently and establish yourself as a leader.

When power shifts within a company, people are naturally concerned about how it will affect their jobs or whether the things they have come to expect and value will change drastically. Honoring certain traditions and observing rituals that are meaningful to your employees, even if you could do without them, is essential.

Finally, one of the best things you can do is recognize employees for their efforts early and often. Don't heap insincere praise on people, but take the time to celebrate exemplary work, accomplishments, and achievements.

Remember, your employees will be just as busy studying you and your leadership skills as you are with their work ethic and productivity. Make sure you are leading by example and building rapport at all times.

Related: I run a company built through decades of acquisitions. Here is a key to making them successful

Final thoughts

For some entrepreneurs, taking someone else's business and making it their own seems like cheating. They prefer to do it their way, regardless of what comes. This is entrepreneurial grit.

However, as this short series has shown, startup culture it's not the only way to build a business. Sometimes, the best companies – regardless of size – are the ones that are already built, but need someone with fresh ideas and a bold spirit to create something even better.