Opportunity without structure is chaos. How are you going to seize a new opportunity if you can’t manage your current condition? Buying another company is a great way to grow your business, however, without proper preparation, things can quickly go awry. Rushing into a merger or acquisition without thorough evaluation can result in unforeseen challenges and missed opportunities.
You need to assess your current situation before you decide to add to it. Is your current business ready to grow and handle the increased work? If your daily experience feels more like an offshore fisherman instead of a Caribbean cruise, you might not be ready for an acquisition.
In order to merge the new business into your current business, your current operations must be streamlined. You need to train your new employees on how you do business. You need to introduce your new clients to your business and their new experience. In order to do that, your operations should be standardized so that you can easily add new employees and customers.
Besides the people aspect of an acquisition, there are infinite details that need to be handled. What is the name of the new company? Will the acquired company have a new name? How will that be introduced to the public? What about the money and access to the money? Who has it now and who will continue or stop having access in the future? How many branded items need to be replaced? Email signatures, business cards, letterhead, uniforms, client appreciation gifts, internal signage, external signage, company vehicles… the list goes on.
Acquiring a company is an exciting prospect and a great opportunity. But it will take a lot of time to get it merged and running smoothly. Who is going to handle the details? And does your current company run well enough that your focus can be on this merger and growth? You want an acquisition to add to your bottom line, not increase the chaos.
In the realm of mergers and acquisitions, preparation is key. By assessing opportunities, preparing your company for growth, and planning the integration with standardized processes, you can prepare your company for a successful acquisition. Don’t miss an opportunity because your current business is in chaos. Standardize your current operations so that you can easily grab any opportunity that comes your way.
Thinking of acquiring a business? Reach out to Beck Insights to make it easier.
