When a business decides it's time to merge with another business, there are plenty of things that need to be looked at prior to the deal being finalized. Companies need to know that a merger is not always a negative thing. In fact, many mergers occur in an effort to corner the market on a product or service. This helps companies expand their bottom line, which can trickle down to the employees. So, what are some things a business should focus on with a merger?
One of the most important things a company should focus on when preparing for a merger is if it will be a cultural fit. You will be bringing new employees into the fold. Will they fit with the current culture of your organization? Will they improve the culture? If it looks as if the new employees will negatively impact your culture you should reexamine the merger.
Companies headed toward a merger should construct a communication plan. This plan should explain the merger, discuss it with the appropriate employees and explain the impact the merger will have on employees in various departments.
The management team at the company must focus on change when a merger is in the works. Helping employees prepare for and accept change is important to the success of the merger. You also need to define job titles for new employees, current employees being promoted and any new members of management that are joining the company.
Is a merger in your company's future in Orange County? If so, it's best to consult with an experienced business organization attorney about your situation.
Source: Insperity, "Preparing for a Merger or Acquisition? Here’s What You Can’t Afford to Ignore," accessed Dec. 19, 2017