Taking over a business in 2026: how to succeed within the first 100 days?
The most difficult part of a business transfer doesn't necessarily happen before closing. Once the deal is signed, the buyer must primarily settle in without destabilizing what he has just acquired.
With a significant portion of French business leaders aging, business succession has become a central issue for the economy. According to the French government (Direction Générale des Enterprises), nearly 500,000 businesses should be transferred over the next ten years.
Preserving these companies, their jobs, and their expertise obviously requires finding buyers. But then, a successful handover is even more crucial.
Faced with this challenge, the French Business Takeover Mission and the "Objective Takeovers" guide, published in April 2026, aim in particular to better prepare sellers and buyers for the various stages of the transaction. The guide emphasizes a phase that is often less prepared than negotiation or financing: the first 100 days after the takeover.
Because once the contract is signed, the buyer compares the company he audited with the one that actually operates on a daily basis.
Financial statements enable performance to be assessed. Audits enable risks to be identified. But they do not always reveal that a key client contacts the former director directly, that a production manager is the sole holder of critical expertise, or that a seemingly simple decision actually depends on an employee who does not appear to play a central role in the organisation chart.
The first 100 days therefore also serve to check whether the assumptions that underpinned the takeover stand up to the reality on the ground.
Assessing the takeover plan against reality
A buyer rarely arrives without a plan for the company. He has probably already identified areas for development, processes to modernize, an organization to evolve, or new markets to conquer. The temptation is therefore strong to act quickly, perhaps even too quickly.
Because what may seem obvious from the outside may be far less so once you’re inside the company.
Why does this process work this way? Why does this long-standing client benefit from special conditions? Why does this particular decision always go through the same person?
The first 100 days are therefore not just a period of observation. They must allow to test the hypotheses formulated before the acquisition.
Are the identified growth drivers truly achievable? Are the margins in line with expectations? Do the teams have the capacity to absorb the planned transformations? Are customers loyal to the company… or primarily to the former leader?
Some assumptions will be confirmed. Others will need to be revised quickly. And the business plan used to prepare for the takeover must remain a guiding principle, not become a script to be followed at all costs.
Mapping the dependencies that the organisation chart does not show
An acquisition does not simply transfer assets, contracts or an order book. It also (and above all) transfers teams, relationships and know-how that is sometimes very informal.
In some SMEs, a salesperson holds a crucial part of the relationship with key clients. A production manager is the sole expert in certain practices. An experienced employee knows the history of decisions that no one else has ever documented.
Beyond identifying the “good elements”, it is essential to know what would happen if this person were to leave tomorrow…
Which client relies on a single relationship? Which expertise is held by only one person? Who truly possesses the information? Who is consulted before an important decision, even if the organizational chart doesn't specify it?
Identifying these dependencies allows the buyer to understand where the company's true weaknesses lie. Because power, expertise, or influence are not always located where job descriptions indicate.
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Reassure without promising that nothing will change
A change of shareholder or manager naturally raises questions. Among employees, but also among customers, suppliers or partners. Silence can quickly give way to interpretations. Communicating from the first few weeks is therefore essential.
But the opposite trap also exists: wanting to reassure by stating too quickly that “nothing will change”.
Because in reality, at this stage, the buyer doesn't know anything yet. Some practices will be maintained. Others will likely have to change. Some investments may be confirmed, others re-examined.
Credible communication can therefore distinguish three things: what does not change today, what is still being analyzed, and the decisions that will be made later.
The buyer can start by explaining its approach, meeting with key teams and partners, listening and understanding before presenting his initial directions.
It is often more reassuring than a promise of continuity that is impossible to keep.
Securing the business… and organizing the seller's departure
The first few months are also a period of operational vulnerability. The outgoing manager may have played a much more significant role than the organizational chart indicated: relationships with certain clients, daily decision-making, purchase approvals, supplier negotiations, cash flow management… His departure can create very real gaps.
Before opening new projects, the buyer must therefore verify that current operations remain secure: cash flow, strategic clients, orders, sensitive suppliers, production, key resources and management.
The handover with the seller can also be formalized through a support contract. This allows for a period during which the seller transfers certain elements that are difficult to integrate into a file: relationships with key clients and suppliers, operating habits, professional know-how, or points of vigilance specific to the company.
But this transition also carries a risk: installing two leaders in the same company.
If employees continue to seek the seller's input on decisions, if some clients still negotiate directly with him, or if his opinion contradicts that of the buyer, the transition can quickly undermine the new governance. The framework must therefore clearly define not only what the seller will continue to do, but also what he will no longer do.
Successfully handing over the reins is not about keeping the outgoing leader for as long as possible… On the other hand, passing on what needs to be passed on, whilst allowing the new leader to truly take his place, can make the difference and ensure the takeover’s success is sustained over time.
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Don't start with what is most visible
After a few weeks, there is usually no shortage of areas for improvement. New CRM, reporting to rebuild, sales organization to review, industrial processes to make more reliable, management to strengthen, information systems to modernize…
These projects have one advantage: they quickly give the feeling that change has begun.
But the real priorities are not necessarily the most visible.
A tighter cash flow than expected, a customer too dependent on the seller, a key position without a relay, a critical supplier or an activity whose actual profitability differs from the initial assumptions, probably deserve more attention than a new tool or an immediate reorganization.
The priority for the first 100 days should therefore focus first on what could quickly weaken the company. Next come the structural issues. Then come the transformations that can wait.
In other words, these first few months should not be a race for visible changes. They must first focus on reducing dependencies and the risks that the takeover may reveal.
Taking over a company also means taking over an organization
The first 100 days are therefore not for transforming the entire company. They should allow the new owner to understand what they have actually taken over, to secure what might break, and to choose what they will transform next.
The success of a takeover therefore depends not only on the quality of the negotiation or the financing. It also depends on the new leader's ability to take over while running an organization they still need to learn about.
However, he cannot simultaneously reassure the teams, take back key clients, manage cash flow, analyze internal dependencies and lead all the operational projects inherited from the former leader.
An Executive Interim Manager can then take charge of a specific project: finance, sales, operations, supply chain, HR, transformation…
The new owner can thus focus on what is directly his responsibility, namely taking his place, understanding the company and setting the course, while an Interim Manager takes charge and secures a priority operational project.
Have you just taken over a business and some projects need to move forward without delay?
TOPS Ressources quickly mobilizes experienced Executive Interim Managers to secure key functions and support SMEs and mid-sized companies during their periods of transformation.
Let's talk about your challenges!
Sources:
TOPS Ressources, Interim Management in Executive Committee roles: CEO, CFO, HR Director, Supply Chain Manager, Transformation Director, Sales Director...
