On the Ask Us Anything podcast, editor in chief Kaitlin Petersen taps former Trade Tales guests to answer real, confidential designer questions, offering a safe space to discuss business challenges. Have a question of your own to ask? Send an email to start the conversation.
This week, Dwayne Bergmann joins the show to answer a question from a designer whose boss recently presented her with a big milestone: the opportunity to purchase the firm. At first, the decision seemed to be a no-brainer—until she took a step back and realized she had more questions than answers.
Bergmann, whose eponymous design studio is based in Naples and Fort Myers, Florida, gives advice on how to assess the financial health of a firm that’s on the market, provides a breakdown of the two most common types of business acquisitions, and shares how a simple pros-and-cons list can help identify the challenges that lie ahead.
Crucial insight: If an offer to purchase a firm comes along from a higher-up, Bergmann recommends proceeding cautiously, armed with detailed questions about the potential handoff. “You’re going to want to know what that transition period looks like: How long [is the previous owner] going to continue to help support this business, knowing that I’m the new leader but I’m going to need access [to them as well as their] continued involvement, so we don’t potentially lose revenue and clients,” says Bergmann. “There needs to be a transition timeframe for everyone—for you, for them, for your clients, vendors [and] employees.”
Key quote: “The whole process is about alignment; and understanding: This is the way that firm had been directed and grown and developed, and this is their leadership perspective—and would that align with my personal leadership style and business strategy?”
This episode was sponsored by Four Hands and Crypton. If you like what you hear, subscribe on Apple Podcasts or Spotify.
