Businesses of varying sizes and across any industry in Chicago or Detroit may at some point entertain the idea of merging with another company. They may also eye the possibility of an outright purchase of another company in an acquisition. These transactions may be very beneficial to an organization and even allow it to compete better in a changing marketplace. Certainly, there are many financial issues to contend with when navigating a merger or acquisition but this is not the only element that contributes to the ultimate success of these deals.
As explained by Forbes, strong leadership support and alignment across all groups is essential. It is also not wise to assume that functional leaders know how to work through the varying steps of organizational change at this level. Therefore it might be important for a company to provide training and workshops to guide leaders so they may effectively guide their employees through the transitions.
Entrepreneur magazine adds that businesses should clarify up front what they are trying to achieve with a merger or acquisition. Next, they should determine how they will measure the effectiveness of the event or transition along the way.
Cultural shifts will happen when two entities come together and one important difference that should not be overlooked is how each business views and treats customers. The new combined organization should crystalize its philosophy and approach and made a concrete plan for how it will cascade this through the company, especially to those workers in roles that are customer-facing.