A merger or acquisition can help you expand and grow your business. But fitting a separate company into yours can come with challenges. These challenges can come from the logistics of combining the two companies. You can also face pushback from employees or clients upset with changes.
Navigating a merger or acquisition can be complex. Here are a few tips for success when bringing two companies together:
- The merger or acquisition should be beneficial – When your business joins forces with another business, you should be aware of what exactly you gain. Having a clear idea of the value that the other business adds can help you take advantage of that value and grow.
- Create a unique integration plan – The business you join with has unique values. Your integration plan should reflect those values. Instead of only focusing on the good or service that the business adds, look at the value of the workers or the customers as well.
- Put people first – The people you add to your company as workers drive the success of the business. If you disrupt the culture of the workplace, you may see valuable, trained workers leaving.
- Work with customers – Customers who have enjoyed a good or service don’t like changes. During an integration, reach out to customers to ensure the product they purchase will only get better. If customers don’t feel like the product will change for the worse, they may start searching for your competitor.
Mergers and acquisitions historically have a low success rate. But when they work out, they can help you grow your business exponentially. Making a solid plan for integration can help you ensure your success.