Mergers involve integrating two different corporate cultures, two different teams, two different inventories, two different sets of clients. This means that the process can be complicated, with lots of financial, practical, and psychological aspects that need to be tackled. Here are some ways to make it all smoother:
- Developing a strategy that incorporates both companies’ strengths – ideally, the plan should be the first one created with key people from both companies. The method then needs to be communicated to the management, to the team leaders, and everyone concerned;
- A clear definition of roles – one of the most serious problems encountered by the business entities newly formed after a merger is the chaos that emerges because no one knows their role. You can avoid that by preparing the merger strategically, being proactive, and defining the key roles in time, even before the deal is announced;
- Ensure efficient communication – whether in the form of meetings or video conferences, iKadre advisors strongly endorse efficient, frequent communication as essential, especially in the beginning, when there is usually a lot of tension in the offices. Elicit feedback, too – it is necessary for knowing what worries your new and old employees.