I would advise any CFO doing an acquisition to factor in a very hefty human resources legal budget, because the lawsuits start going wild. |
In hindsight, I wish we had forecast the replacement cost of moving talented managers out of successful properties. |
The most critical financially related strategy is to figure out who not to hire from the company you are purchasing. This is something we have learned to do better, after having failed miserably at it and seen it cost us 5 to 20 times as much as it should. |
We have learned the hard way—and I mean the million-dollar hard way—to look at the cultural fit and performance level of frontline staff, because there is never another time in the history of the company when you can choose your own workforce. |