Company mergers or acquisitions are announced excitedly. Chief Executives make optimistic statements and want people to look forward to an incredible, successful future for the company. When the two firms can work better together, things look good. But if the merger involves forcing together two companies that do not belong to each other, everything turns into chaos.
Mergers and acquisitions happen more and more, especially as firms are looking for ways to improve their operating models. But when you’re an employee, this process can be very stressful for you, and you may not know what to do after the announcement.
Don’t worry – this article is full of useful tips that will help you survive an acquisition or merger.
1. Tell The Executive Team That You Are Ready
If you’ve worked for the firm for a long time and like what you do, chances are that you want to keep your job. If that’s the case, then you should let your executive team know that you’re prepared for the acquisition or merger. Tell them that you are eager to have more responsibility.
Give an elevator pitch to your manager and show them your ideas for the new organization. If the plans are well-structured, then you can help save money for both companies involved in the merger.
However, if you do not want to keep your job, you can let your management know that leaving the company is not exactly something you dread. If you are thinking about leaving, then the manager should not have to struggle to maintain your job.
2. Build Relationships
When two companies merge, you will suddenly deal with an influx of new teammates. Now, even if you already have a good relationship with your co-workers, new people can be a challenge. Tensions can arise sometimes, especially when everyone has conflicting ideas and when people do not know each other very well.
Do your best to build relationships with the new teammates. Make efforts to get to know them, and host group activities and events where you can learn more about each other. Also, if the new teammates have different ways of working, don’t refuse to see their point of view as well. Always be open to different approaches and be willing to create new working systems if it helps everyone be happier and more productive.
Don’t keep your distance from the new teammates because they’ve just joined the company and you don’t know them. Also, always be careful of what you say and who you’re saying it to.
3. Make Plans for the Best Scenario
It’s hard to know what is going to happen when a merger or acquisition takes place. But even if you worry, the best-case scenario can happen. This would involve you keeping your job and even being promoted to lead a fresh group of people or a much bigger team.
If this happens, then you must think about how you would structure the team and how you would manage it. Plan a budget and think about applications that can help or old systems that you should get rid of.
Also, plan for how you will be able to save some cash and how you will be able to offer some value or improve services. Ask questions about the company’s organization and whether mergers with other departments should happen or not.
4. Make Plans for the Worst Scenario
The worst-case scenario can also happen in certain acquisition and merger situations. Because this is probably the thing you are worried about the most, you must plan for it accordingly.
For instance, you may end up getting fired and not getting any severance. Severance packages may be handed out when you lose your job, and you may also have the chance to collect unemployment for up to 12 months.
In case the unemployment money is not enough to cover all costs, you must think about bills that you can get rid of so you can spend money on things that matter more. For instance, it can be a membership at a local gym or a premium cable package. Keep expenses at a minimum and only worry about those that are needed for survival, like groceries, mortgages, and others.
Also, if you think you can obtain a new job within a month, then you may not have to worry too much following the event.
5. Show a Positive Attitude
Everyone will have their own ideas regarding the merger or acquisition. Some employees will be happy about it, while others will be quite frustrated. If you are part of the latter category, then you should refrain from resisting change if you want to keep your job.
Otherwise, you will only make a bad impression on people and show them that you are not prepared for modern times. Encourage change and explain to others why this process could be a good thing.
Forget about the past and be willing to adapt to the dynamics of modern work life. Also, be positive and don’t tell anyone anything negative about the acquisition or merger. Things can turn out well for you if you prove that you possess leadership abilities.
6. Make Technical Documentation Updates
It may not be possible to discuss your pitch and plan with the executive team, especially if they have already decided what they want to do. All you can do moving forward is wait to see what happens following the acquisition or merger. In the meantime, make server updates to disaster recovery plans, password lists, procedures, and processes. This will show that you are prepared for the change.
A merger or acquisition will bring significant change, and you might not even know if you’re going to make it to the new version of the company. So, you can follow these tips if you want to survive the process. Also, don’t hesitate to visit this website and hire some mergers and acquisitions attorneys who can help sort out the matter and manage the processes more rapidly and efficiently. An attorney is the best person who can help you reach a favorable outcome.