4 Steps You Should Take Before Your Merger or Acquisition
Embarking on a merger or acquisition is a big undertaking, and you want to feel prepared for this transition. By taking some extra steps to make sure that your managers, employees, and customers are ready to embark on this new journey, you should have a clear plan of action so you know it is more likely to succeed. With this in mind, you should follow these steps to ensure that your business is more likely to thrive after some major changes.
1. Discuss what your role will be
It’s likely that you’ve poured years of time, sweat, and tears into your business. You’ve worked hard for it to get to a point where others want to invest in it. That’s why it is important to sit down with those who plan on taking it over and talk about what role you will play in your revised company. Will you still have some say over the direction the company goes? Will you be paid one large sum or will you be kept on the payroll as the business grows?
2. Keep information secure
So far, your clients have put their trust in you and have given you access to some of their most valuable data. This might include their email addresses, credit card numbers, and more. Not only that, but you also have to think about how you are going to transfer files from one location to the next. Make sure you have a in place so you don’t have to worry about any of your data being lost or stolen during the transition.
3. Let your employees know
As much of a change as it is for you to hand your business over to someone else, it can be a big change for your employees and managers too. They might have entered their jobs expecting to have one company culture or type of role only to find that it might be completely different. It’s up to you how you want to handle speaking with them. For small businesses, individual meetings can be helpful, while a large company might need a statement instead. However you choose to do it, make sure you’re available to answer questions.
4. Think of your customers
Like your employees, you’ve spent years building a strong customer base and building their trust. Again, you will need to decide how to alert them about the changes that are going on in the company and what they should expect moving forward. Don’t expect everyone to be excited—you might lost some clients in the short term. On the other hand, being upfront and honest is what your customers have come to expect from your company, and you should try your best to maintain that reputation.