If you’ve finally come to the end of a merger or acquisition and are about to take charge of your latest purchase, don’t breathe a sigh of relief just yet.
The first 30 days of a new acquisition are often the most stressful and challenging, so having a strategy in place now before you take charge can significantly reduce the stress and anxieties felt by all parties involved a little further down the line.
Here are a few things that you’ll need to be prepared for in the first month so that you can prepare yourself and have a plan in place to smooth over any potential problems.
- Be prepared to be present
As a new company owner, many of the staff that you’ve inherited when you merged or acquired the business will be looking to you for reassurance that their jobs are safe.
Not knowing how you’re going to pay your bills at the end of each month is a source of incredible stress for many staff members, so you’ll be expected to be present at important conversations surrounding their futures in the business. It’s also important that you are visible and personally handle making any announcements that impact your employees.
- Keep an open mind
As a business leader, you have your own thoughts and opinions about how to run a business, but these experiences might not necessarily gel with the processes used by your new acquisition.
Instead of jumping straight in and expecting staff to take on board new processes and procedures for operation, take the first month to assess how the internal business workings are performing. Focus on identifying any areas or departments that could be made more efficient with a little work.
As the old saying goes, if it’s not broke, don’t fix it. If everything seems to be working well in terms of workflow and productivity in one area, turn your attention elsewhere.
- Managing change
As you start to align your new acquisition with the values of your current business, you might find that some team members dig in their heels and make life more difficult than it needs to be.
Many staff that have been in their roles for a while might not be totally open to change at first, so it’s important that you engage them straight away and bring them around to your way of thinking as they will be able to influence their colleagues to do the same.
Listen to their concerns and open up about your plans for the future so they feel heard.
What are your top tips for managing a successful acquisition? Have you tried any of these tactics?
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