When you first buy a business, you are nervous and excited. You don’t want to break anything and don’t want to upset any staff. I understand that, as I went through buying my accounting firm and felt these same emotions. But if I could do it all over this is what I would do:
Raise prices immediately. Most services are criminally underpriced, and raising prices in an intelligent way usually results in more profit and less work, but also reveals what the service is lacking. This gives you a great North Star right away as to what to fix first.
Hire more staff: Most owners come to find out that the great team they acquired is not so great. Many are over worked, or not doing much at all. Even worse, the staff you acquired may not align with your vision and management style. You need to start churning that out ASAP.
Establish new internal SOPs: This one is the least controversial on the list, but still worth mentioning. Most SOPs you inherit will be terrible, so burning it down and documenting everything from first principals is the way to go.
Modernize internal non-customer-facing tech: While I do agree we don’t want to shake up the client experience too much, changing internal systems as much as we want is fair game. Most companies don’t have any IT security, and getting that fixed early is criminally under rated.
Start marketing NOW: Of all the ones on this list, This is the one I wish I had done the most. Marketing takes months to get going if your doing it right, so start NOW. You wont regret starting and making a habit of producing content for your niche.
That’s all I got! If you’re not growing you’re dying, and in business, it is no different. Hitting the ground running and being smart about making changes is going to set you up for success compared to just sitting around and “learning the business”. If you like this plz share 
