Acquiring a business is an important step in the journey of every entrepreneur. Whether you do it to diversify your activities or to start a brand-new business, the first months after the acquisition are crucial for establishing an integration plan and fostering the company’s success.
DRAFTING AN INTEGRATION PLAN
The plan should be collaborative involving participants from both sides: the buyers along with current company employees. This type of approach allows employees to give their opinions and motivation, which often translates into better adherence to the plan. The plan would generally comprise the following steps:
– Identifying the company’s strategic objectives
– Collecting information on departments
– Developing a general integration plan
– Gathering feedback from managers and employees
– Drafting the final plan
The first phase will determine important business goals for the company and prioritize tasks strategically so that the successes within reach are at the top of the list. Next, the buyer seeks feedback from employees and leaders in all company departments to analyze individual goals and motivations.
With the objectives and information at hand, it’s time to start drafting the integration plan, striving to align your strategic goals and objectives. The team then analyzes the plan along with feedback from managers and employees.
The plan can be modified based on the feedback and then implemented.
If you’re thinking about acquiring a business and need help with the purchasing and onboarding, contact the Mergex team today.