December 1, 2008
Before you merge . . .
Existing businesses need to do their homework before moving in with someone else. Here's a basic checklist of things to look into before making the switch:
Synergy: Make sure you share a similar business philosophy and approach to customer service. "The real important thing is how the two businesses play off each other," said Faith Hope Consolo of Prudential Douglas Elliman.
Parallel customers: It's important to have clients with similar price preferences and customer-service expectations.
Location: Rooming with a business in a nearby location will help customers find their way to the new store. Also, check for security. "A jeweler wouldn't partner with just anybody," Consolo said.
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Space: It helps to move in with a bigger business that has room in the store for your inventory.
Hours: If you plan on bringing some staff to the new location, merge with a business that has similar hours to help keep scheduling continuous.
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