IBA, as the premier business brokerage firm in the Pacific Northwest, is firmly established as a respected professional service firm in the legal, accounting, banking, mergers & acquisitions, real estate, and financial planning communities. Periodically, we will post guest blogs from professionals with knowledge to share for the good of owners of privately held companies & family owned businesses. The following blog article has been provided by Cameron Magee of Avad3 Event Production (https://www.avad3.com/):
Fostering Unity and Mission Consensus: Strategies for New Business Owners Post-Acquisition
Navigating a business acquisition can feel like trying to merge two massive cruise ships in the middle of a storm. Exciting? Absolutely. Daunting? You bet. But fear not! With the right approach, you can steer through the waves and bring everyone on board to sail smoothly into the next chapter.
Common Challenges of Post-Acquisition Integrations
Every superhero faces challenges, and post-acquisition integration is no different. Here are a few classic hurdles:
Clashing Cultures
Imagine merging a beachside surf shop with a high-end corporate law firm. Yep, that’s the level of culture clash we’re talking about. Each company has its own unique vibe, and when two worlds collide, sparks can fly.
For instance, an informal, laid-back company might find it tough to adapt to a more buttoned-up, hierarchical environment. It’s like trying to throw a beach party in a boardroom.
Resistance to Change
As Seth Godin once said, “Change is not a threat, it’s an opportunity. Survival is not the goal, transformative success is.” Yet, let’s be honest—change can feel like being asked to swap your cozy slippers for high heels or a tuxedo. People naturally resist what they can’t control, whether it’s new software, new processes, or new leadership.
Communication Breakdowns
Picture this: a game of “telephone” gone horribly wrong. Lack of clear communication during an acquisition can lead to confusion, mistrust, and a company-wide headache. Inconsistent or contradictory messages? That’s a surefire way to derail unity efforts faster than you can say “acquisition.”
Strategies for Creating More Unity With Employees
Don’t worry, capes are optional. Here’s how to channel your inner superhero and foster unity:
Transparent and Honest Leadership
“People would rather follow a leader who is always real than one who is always right” – Patrick Lencioni.
Embrace transparency and honesty from day one. Acknowledge the challenges and uncertainties openly. This approach not only builds trust but also lets employees know that their feedback and opinions matter.
I often say that I should be the last person to speak when it comes to team meetings. I like to leave room for my team members to share their thoughts and opinions first, before coloring the conversation with my own perspective. However, I break that rule when it comes to matters of vulnerability. Lead the conversation if it requires vulnerability to set an example for the rest of your team.
Define the Shared Vision
A compelling shared vision is like the North Star for your newly merged crew. It should be ambitious yet attainable, incorporating the strengths of both companies. Think of it as the ultimate team-building exercise—one that gets everyone rowing in the same direction.
Celebrate Early Wins
Success, no matter how small, deserves a party. Celebrating early wins can boost morale and foster a sense of camaraderie. Whether it’s a small project milestone or a major sales achievement, recognition can turn skeptics into believers. Plus, who doesn’t love a good celebration? Take your team out for blizzards, decorate your team MVP’s desk, just don’t let the wins pass you by.
Emphasize Shared Values
Common values are the glue that holds a newly merged company together. Highlighting commitments like customer service, innovation, or social responsibility can create a sense of shared purpose. I often say, “the brand is bigger than any one person.” It’s a reminder that everyone is part of something bigger than themselves.
How to Build Mission Consensus
Bringing everyone on board with a shared mission requires a strategic approach. Here’s your game plan:
Revisit the Mission & Vision Statements
Start with the basics. Revisit the mission statements of both companies and craft a new one that reflects your combined goals and values. It should be clear, concise, and inspiring—something that everyone can rally around. Be sure to also include a vision statement that speaks more to the type of workplace culture you are creating.
Set Clear Goals and KPIs
A mission statement without action is like a sailboat without a sail. Translate your mission into measurable goals and Key Performance Indicators (KPIs). Clear targets give employees a roadmap for success and a shared understanding of what winning looks like.
Provide Opportunities for Collaboration
Teamwork makes the dream work. Encourage collaboration through cross-functional teams and informal interactions. When employees from different departments work together, they gain a deeper appreciation for each other’s strengths and perspectives.
Training and Company Events
Training sessions and company events are more than just a break from the daily grind. They’re opportunities for skill-building, mission alignment, and relationship development. From workshops to online courses, these corporate events help employees gear up for future challenges and bond over shared goals.
Conclusion
Bringing two businesses together is no walk in the park, but with the right strategies, you can create a unified, motivated team ready to conquer the world. Embrace transparency, celebrate wins, and foster a shared vision. Brené Brown wisely said, “Vulnerability is the birthplace of innovation, creativity, and change.” So, be brave, be open, and let the adventure begin!
So, what are your thoughts? Have you faced any of these challenges before? How did you navigate them? Let’s share some stories and tips!
If you have questions relating to the content of this article or corporate events, Cameron Magee would welcome the opportunity to answer them. Mr. Magee can be reached at (479) 268-7828 and info@avad3.com.
IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, mergers & acquisitions, real estate, accounting, legal, and financial planning communities on subjects relevant to the purchase & sale of privately held companies and family-owned businesses. IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.