Managing a merger for your Boston-based company can be tough. Merging two companies together requires a lot of people to start communicating when they may not have needed to in the past.
Finding a like-minded business to work with may be a bonus for your business, but merging your team with its team comes with its own complex issues. That’s why it’s important to follow some simple steps to make your merger run more smoothly.
One of the first things to focus on is getting people to talk to each other and having them begin to learn from one another. It’s likely that your business has something to offer the people working at the other, so as your companies merge, have each of those parties begin speaking to one another. For example, if your company has an excellent marketing team, then the other company’s marketing department should start communicating and learning from it.
Another thing that helps during a merger is to cut out unnecessary staff early. Even though you want to save all the positions you can, merging two businesses often means that you don’t need to keep everyone. In that case, it may be worth talking to the members of your company and then thinking about who you can afford to lose. Be honest with your team if you expect layoffs or to eliminate their roles, so they can begin to look for other work.
If your company is filled with people you don’t want to lose, you can also look at the incoming team. Both of your companies, as you merge, should be looking to lose the people who aren’t needed and who don’t provide value to your business. Keep those who will spur your business on to better growth.
Merging two companies isn’t a simple thing to do, and there will be growing pains. Fortunately, you can work with your business attorney to get more information about the steps to take and on how to keep this merger moving forward as smoothly as possible.