Mergers and acquisitions happen all the time and they can happen for many reasons. But regardless of what’s driving your company to become part of another, figuring out how to manage your daily operations during and after the merger can be tough. While an experienced Wisconsin mergers and acquisition attorney can help you navigate the legal side of things, there are a few actions you’ll want to take. Here are a few tips to help.
Get Legal Advice Early On
Mergers can be complicated and when they’re not done right, you could expose yourself to enhanced liability risk. Rather than trying to do things on your own for as long as possible, get legal help immediately. When you work with an experienced Wisconsin mergers and acquisitions lawyer, you’ll have access to a dedicated expert who can answer all of your questions and advise you on how to proceed with the merger in a way that is beneficial to your business.
Keep an Open Mind
Integrating with a new company often means implementing new policies and practices. While those new practices are designed to ensure that the business thrives, it’s normal to feel like you’re stepping on peoples’ toes. Try to keep an open mind and listen to the other business’s concerns and ideas as you go. Their insights can be invaluable as you get things up and running.
Put Your Team First
Your people are essential to your business and that means you should always put them first. But when you’re merging with another company, it’s even more important that you prioritize the well-being of your entire team, including the new-to-you employees. Do what you can to make them feel included and be open to listening to their thoughts, ideas, and concerns. By showing your entire team that you value them as individuals and see them as an essential part of your business, you’ll be better able to retain your top talent. The more people you’re able to retain, the lower your costs will ultimately be. Remember, hiring new talent costs thousands of dollars per person.
Be Patient
Change is tough for everyone. But rather than getting impatient with the new team, try to give them time. Remember, the employees are having to adjust to the way you do business which may be dramatically different from how they operated in the past. Communicate your expectations and policies clearly and be gracious and patient as they figure out how to meet your current expectations. When you’re willing to be patient with them, you’ll end up creating a stronger relationship with the company you’re acquiring, which can ultimately help your business become stronger.
Get the Help You Need Now
Whether you’re considering letting another company buy yours or you’re interested in merging two businesses into one, getting legal help is always a good idea. At Kerkman and Dunn, our Wisconsin mergers and acquisitions attorneys are here to help. We understand the challenges both businesses face and will help you be ready to deal with those challenges head-on. Contact us today to schedule a consultation.
