Don’t Overlook Software When There Is An Acquisition

In the boating industry, there are often challenges that arise when there is an acquisition.

One key thing that often gets lost in the shuffle is the software.

When there is an acquisition, there are typically changes that occur even if it is a purchase between an existing DockMaster client and another existing client.

There are a few considerations to keep in mind:

1. Buyer is purchasing an existing client using our Software

2. Our existing client is purchasing another entity not using our software

Who takes responsibilities?

There are often differences in how one entity conducts business from another. Responsibilities can change depending on the owning entity.

Typically, you would want a new Data Account to start Accounting off day of close with clean accounting records and files.

The selling entity typically still needs to close out their books and therefore still requires use of the software for a period of time.

Is the purchasing entity keeping the same chart of accounts? Will there be changes?

Getting buyers up to speed on software

If a buyer is purchasing an entity already using DockMaster, the new owners should be trained to understand how to use DockMaster and what the capabilities are.

In fact, the buyer should be in touch with the software company before closing the sale. That way, they can properly set up and develop the plan so once the sale is closed, they can hit the ground running. 

There are ample opportunities throughout each month to attend DockMaster training classes, including new business owners who are just looking to learn the basics. One-on-one online training as well as on-site visits are also available for those who want to jump in and master the software quickly.

There is certainly a lot of information to process as the transition in ownership occurs, which is why getting the software down will help speed the process along and start the new venture off on the right foot.

Wrapping up

It is important to realize that ensuring a smooth transition requires notifying the software company as soon as possible. The earlier the company is notified in in the acquisition process, the easier it will be to transition to the new owner and the proper resources can be allocated to the project.

After going through the acquisition process, you certainly wouldn’t want to fall behind and not take advantage of the resources available to you through DockMaster.

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