If you are the owner or high-level executive of a business in Florida, you may be eyeing the possibility of merging with another company. There can be multiple benefits to doing this that include reducing competition, increasing the breadth and depth of your offering or providing a footing into a new market area. While the reasons for merging with another business may be clear, the path to making your merger successful is not always quite as clear or easy.
Forbes explains that you must never discount the human element in any business dealing. When it comes to blending two businesses, emotions are sure to come into play in many ways. Right out of the gate you must be aware of the need to help people get on the same team as opposed to thinking about each other as rivals. The natural tendency to eye the competition with suspicion combined with the equally natural tendency to think one’s way of doing things is better or right can be a deadly combination when it comes to being successful with a merger.
One way to combat this may be to bring in managers who are completely new to both of the prior companies. This eliminates any existing allegiances and provides leadership that is solely focused on the newly formed company.
If you would like to learn more about how to initiate and complete a successful business merger, please feel free to visit the business merger and acquisition page of our Florida business and corporate law website.