You have a successful business and now you are ready to take another step forward. One of the best ways to expand your company is by merging with another business. Business mergers and acquisitions happen quite often, but some work out better than others. Successful business mergers are possible as long as you take the time and effort needed to ensure positive results.
Set Clear Objectives
A business will not be able to succeed if there are no clear objectives. It is important to realize that the goals of the organization may be quite different once you join the companies together. All those involved in decision-making need to be sure they have the same vision for the business. Once determined, these objectives will become part of the new culture of the organization.
Create a Marketing Plan
A new marketing plan is vital when preparing for a merger or acquisition. Before the company can move forward, everyone must have a complete understanding of how the business intends to market itself. The plan will help to bring to light areas that need attention while organizing the business. Remember that new objectives will bring the need to re-think the current marketing plan or simply start with a fresh outlook.
Determine the New Organization
There are likely to be many redundancies in jobs between both companies, as well as some areas that are lacking. It is necessary to make a new organization plan that works best for the company. Then, review your current employees to match them to the correct positions. Employees may be concerned about keeping their jobs after a merger. While you may not be able to make everyone happy, you certainly want to keep all of the skilled resources you have on board, from both companies.
There are typically plenty of rumors swirling around the company regarding the potential merger. It is essential that you communicate with employees on a regular basis to ensure that everyone continues to stay focused on business, rather than being concerned about the future. Regular emails and meetings will help reduce the stress of uncertainty among employees. It is also necessary to let your customers know that a change is coming. It is always best to let everyone know what is generally going on, even if you can’t disclose every detail.
Business mergers can be difficult and complex. When a merger is up for consideration, the assistance of a skilled business attorney will help you get through the entire process without failure.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Successful Business Mergers, or any other litigation matters, please feel free to contact Roger C. Decker at 480.461.5343, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.