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Tips to make your merger a success

| Oct 12, 2020 | Uncategorized

Thousands of companies merge each year, yet many end up wishing they had not. While there can be many advantages to joining two companies, a lot can go wrong. These are some ways to increase the chance that your merger is a success:

  • Be clear about why you are doing this: It is easy to get caught up in the drive for constant expansion. Then one day, you wake up and realize you have drifted away from the reasons you started the company. Take time to evaluate your motives for a merger.
  • Communicate with the other business: Good communication is key to any relationship. The more open and honest your conversations, the better you can ensure the move is beneficial for both sides.
  • Communicate with your staff: Let your team know what is happening as early as possible and keep them informed. It can help to control the rumor mill. Remember, mergers often lead to job cuts, so staff may be anxious to know how it will affect them.
  • Map out the future: You need a detailed plan of what will happen and when it will happen. Knowing you will have to halve your marketing team sometime in the future is one thing. Knowing you will have to lay five off on Nov. 15 makes it more real and could even persuade you against proceeding.
  • Carry out due diligence: It would be foolish to jump into a merger without completing all the necessary checks. Do not leave things to chance or take someone’s word for something. Get the evidence you need

When considering a business merger, it is vital to have the support of a reliable legal team. They can help you carry out the necessary checks and formalize the transaction.