We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business.’
Here’s what she said -
It’s important to fortify your business before you acquire, and then after.
We have been identifying, protecting, preventing and predicting. It is identifying issues that might be sitting there in your business. There could be landmines that might be about to go off. And we find growing businesses often have these vulnerabilities in their business because of growth.
They have a different infrastructure needed when they started their business. Once you've identified these key risks, it's about protecting your business and protecting against these going off.
It's putting in place prevention because prevention is cheaper, easier, and more time effective than trying to battle the issues and find a cure afterwards. And then prediction systems, i.e. systems that will alert us ahead of time whether there's issues that might be brewing in the background.