The wire clears. You own the business.
Then you walk in and realize the seller is gone, the employees are staring at you, and you have no idea where the passwords are.
I've been there. The deal was done. The celebration lasted about 45 minutes. Then I was standing in a business I technically owned but didn't yet understand.
Here's what nobody tells you before close: the first 90 days will test your identity more than your spreadsheet skills. Employees are sizing you up. Customers don't know you. Vendors are waiting to see if you're real.
Your job in that window is not to optimize. It is to listen. Learn every name. Touch every part of the operation before you change anything. The fastest way to destroy the value you just paid for is to walk in on day one acting like a new owner instead of a student.
I had a handwritten list of 10 things I would not touch for 60 days. That list saved the business.
What's the first thing you'd want to know before walking in on day one?