As a business law firm, we help small, medium, and large businesses successfully merge their companies with other operations. Over the years, we have seen what has worked well for some of our clients and what hasn’t. With this in mind, our business law professionals have compiled some of their top tips to enhance the success of your upcoming merger:
- Be clear with your goals—At the time of the acquisition, make sure you have a clear objective in mind for what you want this process to accomplish. Get your employees on board with your goals, so you present a unified front as you move into acquisition.
- Make a plan—You have probably put significant time and thought into the actual merger, but what happens after? Long before you finalize the merger, put together a post-merger plan. For example, we suggest prepping a general business strategy for the first 100 days after the finalization of the merger.
- Address uncertainty—The prospect of a merger can incite uncertainty in everyone from the key players in your business to the suppliers you have contracts with. Address this uncertainty with the people you work with by communicating and providing as much information as possible about the impending process.
- Get to know your business—As a business owner, you probably know your operations the best. But you should dig deeper to ensure a clear understanding of all processes and operations before the merger. Develop a deeper understanding of all financial, legal, operational, and tax issues within your organization and how they could potentially affect the merger as well as the newly merged entity.