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MNP's TAKE: As companies seek to grow, M&A activity is on the rise. This increase in activity means potential buyers need to be more prepared than ever in organizing their target searches, approaches and negotiations, with well thought out plans.
What must not be forgotten, however, is that a well-organized acquisition process can be fruitless if integration of the new entity is just as, if not better, planned out. Buying a company can be child's play compared to an ill-prepared integration, which can only result in heartache and unplanned costs.
Ideally, you should begin building your journey map at the due diligence stage, before the transaction closes. As you take a closer look at the entity you are considering purchasing, ask yourself: "How will we integrate on day one?" The guidelines below can be helpful as you begin to develop your journey map, however it may also be in your best interest to enlist the support of a post-merger integration specialist to ensure your purchase pays off as you expect it to.
For more information on how MNP Corporate Finance can help your business grow, contact Patrick Khouzam at 514.228.7874 or [email protected], or your local MNP Corporate Finance Advisor.
BY ANNETTE GLENEICKI FROM BUSINESS2COMMUNITY
Has your company made an acquisition, been acquired, or merged with another company? Did you know that journey maps can help you design, redesign, and manage both customer and employee experiences through these challenging times?
Let’s face it: mergers and acquisitions are hard for everyone living through them, employees and customers alike. Sometimes mergers or acquisitions are made with the assumption that the resultant company will be better for customers and employees. Unfortunately, that’s not always true. And if it is, it certainly doesn’t happen immediately or without a diligent effort to make it so. In reality, companies spend years integrating systems, data, people, and more – and might even make additional acquisitions before the previous one is completely integrated. This can spell “nightmare” for customers. And for employees.
I’ve written previously about the importance of continuing to listen to customers and employees during this time of change; if there’s ever a time to listen and stay in tune with customers and employees, this is it!
But how can journey maps help with “easing” and integrating acquisitions?
For starters, you can map the current state (prior to the merger or acquisition) for customers and for employees of both organizations to identify what’s going well today and what’s not. Just because you’re going through this time of change doesn’t mean you need to set aside your customer experience management efforts. (Assume the same for the employee experience for the rest of this post.) As a matter of fact, those efforts are more crucial now than ever.
Take a look at the current state maps for both companies and uncover:
Once you’ve done your homework on the current state, you’ll want to consider what the desired future state (with both companies – and their products and customers – combined) looks like in order to identify further gaps, areas for improvement, and more. Be sure to include the customer perspective and his voice throughout this entire process.
Oftentimes the journey mapping exercise is more important than the maps themselves. The exercise keeps the customer front and center and keeps the organization talking about and aware of, at all times, what the customer is thinking and feeling about the new company.
Continuing to focus on the customer experience during times of change lets customers know they are still at the center of the business. Staying the course and not taking your eye off the customer experience during transitional times is huge. Companies in this position must…
Benefits or outcomes for the business include:
The resultant company can be better for customers, as long as there is a concerted effort to make certain that is the ultimate outcome.
The only way to make sense out of change is to plunge into it, move with it, and join the dance. -Alan Watts
Image courtesy of Caston Corporate
This article was written by Annette Gleneicki from Business2Community and was legally licensed through the NewsCred publisher network.
Related Topics:Mergers; Selling a Business
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