8 tips to integrate a new business and your team
Acquiring a business is only the starting point. There are all sorts of new business assets to consider, from buildings and brands to equipment and systems. Perhaps the most valuable asset will be the team of people. Here are some top tips for integrating them into the newly acquired business:
1. Keep key players
Quickly create new organisational structures and announce the leaders. People know that redundancy is likely for some staff at some point in a merger or acquisition (M&A). So, they may not want to wait around. To keep them people you value engaged, have them lead the integration process from both companies who are enthusiastic about the M&A. This may prevent star players from heading for greener pastures. Be sure to find out what staff liked about their company before the M&A and try and keep the positives. Don’t change anything that could trigger a stampede.
2. Ask about work concerns
Give staff the opportunity to tell you about anything they’re concerned about regarding the merger or acquisition. It’s only natural to fear change, even if it can be a good thing. Try to allay their misgivings as soon as possible, so they can focus on doing a good job.
3. Be transparent
Create an integration plan, with at least three tangible and achievable goals. Explain to the team that the plan is flexible and will probably evolve as the merged) company settles into a rhythm and discovers new challenges.
4. Remember that change is personal
Many people that have gone through an M&A will be wondering about how it will affect them personally. It’s only natural because it may affect:
• Career paths/their role
• Teammates and colleagues
• Reporting lines
The M&A may leave them feeling like they have to prove themselves all over again, even if they were well-established before the merger.
5. Champion a culture
Behind every great organisation is a set of values. Decide upon what’s important and set it out. Talk to your team about the type of work culture you want to foster. Have a mission statement on display so that the team knows their purpose.
6. Create a temporary exclusion zone
Separate the teams that are essential to carrying out your core business from the rest of your staff. The separation should be for at least 90 days and is designed to keep them focused on carrying out their roles without getting bogged down with mundane issues.
7. Put your PR machine on pause
Explain to your team that if you were having major work done on your house, you wouldn’t think of throwing a party in the middle of all the disruption. The same goes for an M&A. Wait to invite everyone over from PR until everything’s working smoothly. Then outline some positive stories to share with the world.
8. Be tenacious
There are bound to be times when everyone involved in the M&A will have doubts and become tired and frustrated. This should be expected, with the team warned in advance. The difference between success and failure for an M&A can be summed-up in one word: perseverance.
