How to Deal with Company Merging
Companies may merge if one has no chance of surviving or if both companies will benefit from the process. It’s not an easy decision, especially if both companies already have an established name. If given the chance to lead the merger, it can be challenging. Here’s what you should do to ensure both companies survive.
Understand the strengths and weaknesses
Make sure you know what the strengths and weaknesses of both companies are. Even if one company is failing, it still has strengths. It’s critical to maximize these strengths for the merger to survive. Conversely, even the stronger company may have weaknesses and the process should eliminate them. Everything starts by evaluating where the both businesses stand before moving forward.
Maintain a positive attitude
No one wants to lead a merger. It involves two companies with different values. The employees also have different practices and traditions. Combining these companies will lead to conflicts of interests and priorities. You will also face leaders who don’t have the same vision. The best way to move forward is by maintaining a positive attitude. There are times when you might feel like giving up, but your positive disposition will help you see things through.
Don’t keep bringing up the past
While it helps to evaluate what went wrong, the attitude must be forward-looking. Don’t dwell too much on the past and determining whom to blame for what had happened. You’re not going to inspire change if you keep bringing up something that took place before the merger.
Don’t consider layoffs as a priority move
You might think that mergers would require the removal of certain employees from the team. While it could happen, it shouldn’t be the priority. You don’t want to lay off more people and hope it’s the magic pill. You can remove as many employees as you want, but it won’t mean the merger will be successful. There are other ways of dealing with this issue, and laying people off can’t be the first step.
Check the books
The merger is happening because of financial issues. It could be in one or both companies that are merging. Straighten up the books first before dealing with other details. You can’t plan the new company name or how to create its brand if you are yet to deal with finances. You can also hire people who will help identify what went wrong and run after suppliers or partners who owe the companies.
Be resilient
The merging process might take years to succeed. You should be resilient and not let anything prevent you from making things happen. Identify the goals and create a team to help achieve them.
Merging is definitely a challenge and it may also involve legal issues. You can’t give up if the owners of both companies have decided that it’s the best way to move forward. You should make the most of the situation.
Photo Attribution:
1st and featured image from https://healthpayerintelligence.com/images/site/features/merger2.jpg
2nd image from https://blog.careerminds.com/mergers-and-acquisitions-talent-poaching
