Unfortunately, the majority of attempted business mergers fail for one reason or another, so that mergers that make perfect sense on paper never actually come to fruition. Experts declare that the chief reason for merger failures is that people tasked with carrying out important steps and processes fail to do so, often simply continuing to do their normal jobs.
Steps to a successful merger
If the following steps are faithfully executed, your business merger will have a much greater chance of success:
- Make objectives clear – to be profitable, to exceed customer expectations, and to fully engage employees of both companies
- Identify deliverable results – the most important of these may be having everyone exceed customer expectations
- Have a plan beforehand – create a plan which will help everyone to achieve the objectives
- List all tasks – these are the detailed actions which will help all participants achieve the stated objectives
- Identify necessary resources and skills – in order to accomplish the planned tasks, these are the skills and resources which will be needed
- Recruit and hire – find the kind of employees which will be necessary to carry out all the tasks identified
- Motivate participants – have a strategy for maintaining high motivation of all participants involved
- Maintain accountability – ensure that people are held accountable for the tasks which they are dedicated to
- Periodic review – for every month of the process, conduct a formal review of progress so far and identify any steps which appear in danger
- Have a firefighting team – assemble a team of highly skilled negotiators and knowledgeable business personnel to handle the inevitable crises as they pop up, so that none of them becomes a deal-breaker.
Business mergers with Legacy Capital Lending
If your business needs the funding to go through with a beneficial business merger, you should contact Legacy Capital Lending to discuss some options with us. When you have the necessary funding, a business merger can proceed a lot more smoothly, with a greater chance of ultimate success.