You just bought a business. The deal closed. You’re officially a business owner!

It’s exciting, until that little voice creeps in: What did I just do? 

I’ve been there. And after working with hundreds of first-time buyers, I’ve seen the same pattern over and over again. –

The high of the acquisition. The crash of uncertainty. And then – sometimes – a series of rookie mistakes that send things off the rails.

In this piece, I’ll walk you through the most common pitfalls that can sink your deal after the close – and how to avoid them.

In case we haven’t met, I’m Walker Deibel, the Wall Street Journal bestselling author of Buy Then Build and the creator of Acquisition Lab. Over the course of 100+ transactions, I’ve seen the same mistakes trip people up time and time again.

Let’s talk about what they are – and how to steer clear.

 

Rookie Mistake #1: Taking a CEO Salary on Day One

This is the first trap many buyers fall into. You buy a business. You see the trailing twelve months, the SDE, the adjusted EBITDA, and you think, “Sweet. I’m the new owner. I’m taking a nice salary.”

But here’s the problem: the business you bought might have been lean, profitable, and efficient before you bought it. The second you load it with debt to finance the purchase, the dynamic changes.

Imagine the business was a fit, muscular athlete. Your debt just added 40 pounds to its frame. It can still run – but now it’s slower. It’s carrying weight. Your job isn’t to immediately start spending the profits. Your job is to get that business back in shape.

That means you start lean. You build cash reserves. You get used to the rhythm of the business.

Plan for surprises – because they’re coming.

 

Source: Commit Works

 

Owning a business is exactly like that. Resilience isn’t about perfect plans. It’s about your ability to react to what you didn’t plan for.

So – don’t take a big salary. Keep things lean. Build your safety net first. That’s how you earn the right to scale.

 

Rookie Mistake #2: Expecting a Perfect Deal

A lot of buyers read Buy Then Build, go through Acquisition Lab, or watch a few videos and start seeing things through the lens of logic. “Oh, this is a 3x or 4x deal. Here’s the SDE. Here’s the debt structure. Makes perfect sense.”

But deals don’t close on spreadsheets. Deals close between people.

And the truth is, deals tend to happen when everyone’s slightly uncomfortable. When the seller feels like they’re selling for a little too little, and the buyer feels like they’re paying a little too much. That’s the tension where deals get done. Rarely does anyone walk away thinking, “That was easy.”

Deals also die one, two, even three times before they actually close. It’s normal. It’s part of the emotional rollercoaster. The best buyers stay calm and keep moving forward. They’re prepared for the deal to collapse – and they keep negotiating anyway.

So yes, get educated. Know the numbers. But also know: this process is going to test your patience, your resilience, and your ability to sit with discomfort. That’s how deals happen.

 

Rookie Mistake #3: Making Too Many Changes Too Soon

This is one of the most common mistakes I see. A buyer steps into a new business and thinks, “Time to get efficient.” They start slashing, restructuring, implementing software, rewriting SOPs – on day one.

 

Source: Elon Musk | X

 

But when it comes to small business, that strategy doesn’t usually work – unless you specifically bought a turnaround.

There’s this idea in the corporate world that you should change nothing for the first year. That’s too extreme in the other direction. I’ve bought seven or eight companies now, and what I’ve learned is that the truth is somewhere in the middle.

When you first take over, your team wants to impress you. They want to show you they belong. They’re open to new ideas. That window lasts about three to six months. Use it wisely.

Start by observing. Understand what actually matters in the business. Don’t unplug the systems before you know what they’re powering. But once you’ve got your bearings, don’t wait too long. Implement some of the easier wins. Introduce efficiencies. Get people comfortable with small changes before you introduce bigger ones.

What you don’t want is to wait until month nine and suddenly say, “Hey, we’re switching everything to Google Drive.” At that point, you’re no longer the new owner – they’ve gotten used to their old ways, and change becomes resistance.

So go slow. But don’t go silent. Build trust first, then change thoughtfully.

 

Rookie Mistake #4: Underestimating the Emotional Rollercoaster

Entrepreneurship is hard. Everyone thinks they know that. But no one really knows it until they’re living it.

I’ve never met a business owner who didn’t say, “If I had known how hard this was going to be, I might not have done it.” And yet – they all say they could never go back. Once you’ve built something, once you’ve led something, once you’ve carried the weight of your own vision – there’s no going back to working for someone else.

 

Source: Medium

 

But man, it’s lonely. Your team isn’t your peer group. They don’t want to hear about your personal guarantee or the stress you’re under. You’re not going to the happy hour and venting about payroll. It’s just you – and the weight of your vision.

That’s why you need to find a community outside of your business. Join Entrepreneurs’ Organization. Join the Lab. Find people you can be honest with. People you can say the hard things to, without judgment. That kind of support isn’t a luxury. It’s a necessity.

And then there’s the personal side: your health. Your mindset. This journey takes everything out of you if you let it. Which is why you need systems to stay grounded.

Start meditating. Even five minutes a day. Start exercising. You don’t have to be a gym rat – just move your body. Take care of yourself. Because if you go down, the business goes down with you.

This is the cost of ownership. But it’s also the privilege. You’re building something real. You’re taking responsibility. You’re creating value. And that’s the whole game.

 

Final Thoughts: You Pick Your Hard

You know what I realized in college? I can work really hard and not make a lot of money. Or I can work really hard and make a lot of money. Either way, I’m working hard. So I might as well make it count.

Acquisition entrepreneurship is hard. But it’s also the most reliable path to real wealth I’ve ever seen. It’s the path where your work and your wealth are connected.

It’s not startup or bust. It’s not innovation-only. Acquisition entrepreneurship is acquisition and innovation. It’s where leverage and leadership meet.

So go slow. Go smart. Build resilience like a muscle. Expect the surprises. Don’t blow the cash flow. And take care of yourself – because this journey will stretch you in ways you never saw coming.

And once you’ve done it, you won’t ever want to go back.

If you’re ready to acquire a business in the next 12 months, the Acquisition Lab is your first stop. Reach out to us today and get on the fast track to becoming an acquisition entrepreneur.