25 Sep 2018
Businesses may merge for a variety of reasons, including to eliminate competition, growth, diversification or any number of other reasons. It’s important to remember that going through a merger is a complicated and ongoing process that can not only cause stress to the business owners, but also a significant amount to employees who may be, understandably, uncertain about their future.
If your business is approaching a big merger, it’s helpful if you have an idea of what to expect. Here, we’ll walk you through what to do when handling a business merger.
Prepare the Culture
In any business, your people are your greatest asset, therefore it is of the utmost importance to ensure that they are kept in the loop throughout the entire merger process. Being honest and upfront with staff as early in the process as possible is vital, as many people will have concerns about their future in the new structure after the merger.
A strong leadership will offer reassurances to staff throughout the process, and realistically, should make employees aware of the risk of, or definite redundancies as soon as possible so that employees can begin looking for a contingency plan.
Expect Bumps in the Road
No matter how smoothly you anticipate a merger going, there are always going to be unexpected bumps in the road. Whether it’s negotiation problems, legal issues or a clash of cultures, you should safely assume that you’re going to face at least one problem on the road to a complete transition.
The best way to try and avoid this, or least react in the best way possible when complications do occur, is to have the best team of advisors behind you for support. You’ll need expert legal and financial advice every step of the way to make sure that the process is not only being carried out properly and that no stones are left unturned, but also that you’re not being taking advantage of during the deal. Make sure you choose the best team to get you through the process.
Just as you’re likely to have more niggles throughout the merger process, you’re also looking at a longer timeline than you might be anticipating. A business merger is a complex entity, and thoroughly examining each aspect takes time. Try not to let the merger detract from your focus on the goals of the business – sometimes, focusing on the every day business matters can help keep things moving, and it also means your business is less likely to suffer from lack of productivity during the merger.
Continue to provide support and reassurance to staff and be patient with them as well. Individuals who are not at the leadership level within an organisation typically do not have as much information as senior members, and this can often leave them feeling left in the dark and anxious.
If you’re facing a business merger and require either business storage or removals solutions, we’re here to help. Bishop’s Move has a long history of experience in the matter, so don’t hesitate to contact us today.