Mergers and acquisitions are on the rise lately, so you are not the only one going through this. Some of these actions are being taken by large companies while some are being done between smaller businesses. The following tips should help ensure your merger is done right.
Get to Talking
The first thing you have to do is have both teams meet with each other. Be honest about the merger and what both teams should gain from the other. For example, the team that excels in a particular area should teach the other how it is done and vice versa. Try to have a mediator so that issues are resolved quickly as the merger continues.
Cuts Are Coming
You have probably worked with some of the people in your company for a long time and may not want to accept the fact that there are going to be cuts. The staff from two companies are getting together, so there are bound to be overstaffed positions. Be honest about this, and tell everyone to make plans should they be cut when the merger finally happens.
Details Matter
It is important to hire a corporate lawyer such as Carter West to ensure that all details regarding the merger are addressed. Making a legal mistake during the merger can turn out to be expensive or grant you less power at the leader’s table. Corporate attorneys understand how hectic this move is. This is the reason you are going to leave this attorney in charge of your interests, and you can continue taking care of everything else that needs to be dealt with.
Be Prepared
Mergers are not going to be perfect no matter how much you try, so you have to be prepared for that. Your new team is likely going to be less productive as they have a lot to learn, so be patient. You should also be prepared for a number of your employees leaving. Mergers can be stressful on a staff, which can cause some to leave. Other employees could just hate the new environment and leave for that reason. The point is, you need be ready for this so it does not catch you off-guard.
Hopefully, some of these suggestions make it easier for you to merge your company with another. Be sure to consult with the leaders of the other company for additional tips because you are a team now.