It is no secret that mergers and acquisitions (M&A) are a big deal. They bring change, growth, and tons of opportunities. On the other hand, they can also be pretty daunting, especially when it comes to talking about them.
With over two decades of corporate experience under my belt, I’ve seen firsthand how crucial communication is in business and even moreso during M&As. So, let’s chat about some best practices to make sure your message not only hits the mark but also keeps everyone feeling steady and confident throughout this M&A journey.
1. Craft a Communication Game Plan
First things first, start with a solid communication plan. Everything starts with a plan, right? Think of it as your roadmap – it tells you what to say, who to say it to, when to say it, and how to say it. And don’t forget about everyone in the mix: employees, customers, suppliers, shareholders – they all need to hear from you. A well-thought-out plan ensures your message stays consistent and keeps expectations in check.
2. Get Your Leaders on the Same Page
Leadership should be singing from the same sheet of music. Before you spill the beans to the world, make sure your internal team is in sync. Leaders from both sides of the M&A should huddle up and make sure their messages match. This kind of unity in communication builds trust and dials down the uncertainty for everyone involved.
3. Transparency is Key
Transparency is like the secret sauce of trust. This can be tricky with business deals and non-disclosures and what-not. I can see how some folks can get it wrong. While you can’t always tell everything to everyone, share the vision, the perks of the merger, and how it’s going to affect everyone involved. Being upfront helps squash rumors and calm anxiety. When people think secrets are being held, their imaginations run wild. Believe me, they know when something is going on. Your best bet is to come clean and tell them what you can. Oh, and timing is everything; early and regular updates are like rumor repellent.
4. Speak Their Language
Different folks, different strokes. Employees might be worried about job security or changes in the office vibe, while customers might wonder about product or service continuity. Tailor your messages to suit each group’s concerns, and give them reassurance and clarity.
5. Let’s Talk and Listen
Communication is a two-way street. Create spaces for folks to ask questions, vent concerns, and give feedback. Whether it’s Q&A sessions, town halls, or dedicated chat channels, listening and responding shows you care and value their input. Another reminder to be honest and transparent in these sessions. Don’t make promises you can’t keep. And don’t be afraid to say that you don’t know at this time if you really don’t know.
6. Show Some Heart
Remember, M&A isn’t just about numbers; it’s about people’s lives too. Acknowledge the emotional side of change. Recognize the challenges and let everyone know you understand their concerns with clear, compassionate, and empathetic communication. Never, I mean NEVER say, “nothing’s going to change” in an effort to avoid panic. Everyone knows that is not true and it degrades trust. If you are not sure exactly how things will change, tell them that.
7. Keep Your Finger on the Pulse
After the merger, keep an eye on the vibes and feedback from all corners. Be ready to tweak your communication strategy as needs and concerns evolve. Staying engaged shows your commitment to a smooth transition and long-term success.
In a nutshell, nailing communication during an M&A isn’t just about sending a message; it’s about creating an atmosphere of openness, trust, and support. As you dive into this transformation journey, remember that how you communicate can make or break the success of your merger or acquisition. As someone who’s experienced mergers and joint ventures and worked through some of the challenges to the organizational culture during these changes, I’m happy to share my knowledge with you and make sure your organization comes out the other end successful setting the stage for a bright, united future.
Feel free to reach out and together we can turn your M&A challenges into opportunities for growth and success.
