Mergers and Acquisitions Best Practices: Part 1
| Miriam Kasseris | Sep 8 2022
This article is part one of a three part series.
Change is inevitable. Whether it is just the name of your company, or what you are allowed to have in the breakroom, change is happening. Some change will be positive and will yield opportunities for growth, a new career direction, and better benefits. However, some change could be a bit more jarring, such as staffing updates, new systems, less benefits, and more. When it comes to navigating mergers and acquisitions, keep the following practices in mind.
1. Does the new company culture vibe with you, personally?
It is important to determine if you fit with the changes happening within your company. Do some research, and see if your beliefs align with the philosophies of the new team. If you are comfortable, speak with current management to get their thoughts as well.
2. Take the time to process
Whether you’ve been in your current position for a few months, or a few decades, going from the known to the unknown can be scary. In my case, we went from a small multi-generational family company with less than two dozen employees to becoming a branch of a large global brokerage seemingly overnight. The shock of the initial announcement lasted quite a while, and we went through various stages, not unlike the stages of grief, before really coming to terms with the new situation.
3. Be focused
Things are going to start coming at you pretty quickly once the paperwork is signed. It can be in the form of emails regarding everything from transition dates to enrolling in company programs/benefits, or frequent meetings with direct reports and/or management. Don’t try to go through it all at once – keep the emails in a separate folder in the inbox, and look at them when you have a moment. Take notes in the meetings to review later on, and most importantly – ASK QUESTIONS. You may not have them right away, but when you think of something, write it down and ask.
4. Take advantage of new company meet and greets
It doesn’t hurt to get to know the new people sooner rather than later. You can get a feel for the company as a whole from talking with as many folks in as many different areas as you can.
5. Provide feedback and general observations
Initial transitions to the new company systems will most likely be spaced out in order to give you time to adjust. Again, take notes and ask questions – and don’t be afraid to let them know if something isn’t working for you. Chances are the new company wants to make the process as seamless as possible so they’ll be willing to work with you.
6. Training is essential
Even if it’s the same system that you used before, the new company will have their own methodology, and you will need to learn that in order to be successful. Again, don’t be afraid to ask questions – the trainers are there to help guide you.
7. Be prepared for challenges
If you’ve been at your company for a length of time, and are set in doing things a certain way, you’re in for a massive headache. You need to be flexible, and possibly willing to do without some of the privileges you had before the acquisition. There will be an adjustment period for everyone, including the new company, and it’s to everyone’s benefit to work together.
Stay tuned for parts two and three.