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Considering a merger? Take a look at these 10 helpful hints
By Jim D’Angelo
When mergers are well thought out, the process can be a transforming experience. It can pay big dividends through diversification of services, utilization of resources, staff morale, and excitement. It can test all of a person’s managerial skills. It can also interject more amplitude into one’s professional life, with higher highs and lower lows.
Based on my experience with mergers and acquisitions, I’ve put together a top-ten list of helpful hints:
- Both agencies must know what they want to accomplish through a merger: is it enough to justify the expenditure of time, work and money that will follow?
- Something will be given and something will be asked of you. Often the timing of the giving and getting is out of phase; you may sacrifice something now for less apparent payoff further down the road.
- Count on a three-year transition to feeling like one organization.
- Despite the best “due diligence” process, there are important things you will not know about one another until the deal is done.
- One culture will prevail, and the other will not. That’s not necessarily bad, but make sure you can live with it before signing off.
- A well thought-out communication plan is critical. In the absence of timely information, people make things up or think the worst.
- You will be tempted to reassure people that things won’t change or won’t change that much. In reality, things will change more than you can imagine, so prepare people to expect it and be flexible.
- While opportunities appear to open up after a merger, the typical employee’s job will not be impacted as negatively or positively as they will likely imagine.
- An acquisition is distracting; keep staff focused on productivity, delivery, and customer service.
- Celebrate! A successful merger creates healthy momentum and new possibilities.
NOTE: This article was originally published in Forum: “Considering A Merger“