Anytime a company is about to enter into a merger or acquisition, there is an extensive amount of preparation and research that has been conducted. The process will be a daunting task that will have a myriad of moving parts that all have to be orchestrated so that your business doesn’t suffer during the transition. Whether you’re merging with an existing company or have reached a deal to acquire existing assets from a competitor, you must protect your people and your profits. Here are some tips to ensure that your business doesn’t miss a beat.
People
When a company merges with another, there are a litany of emotions that have to be taken into consideration. Remember, as someone in a decision making position within the corporation, you have known about this deal for quite some time; the people who work for you are finding out after the deal is already done. The people who have worked for your company are the reason you’ve made it to where you are. The people who will be working for your company after this transaction (whichever kind it is) is finalized will play a crucial role in taking it to the next level. They deserve your respect and consideration. Keep that in mind and be prepared to answer their questions, field their concerns, and consider their feedback going forward.
Profit
Ultimately, your business exists to make money. It’s very easy to let things that we consider “small” parts of business go unattended. But many times, those “small” things play a significant role in the processes that produce our profits. During this time of growth, it’s vital to the health of your company that employees continue to remain focused on the goals at hand. Making sure that your vision and your company’s commitment to it is effectively communicated through every level of your business will ensure that even through transition, your business remains profitable.
Business growth is wonderful, whether through acquisition or merger. While growing your business is a wonderful feeling, it’s crucial that you do so while protecting the people who help you earn a profit.