by Alex Schnee
If you have agreed to a merger or acquisition with another company, it might be time to start thinking about how you can adjust to your new life. You might have been running your business for years and you’re ready to try something new, or you might want to be somewhat involved. No matter what the case is, you will need to put together a transition plan that can help you navigate your new life and help your business to be a success after you leave.
Here’s everything you need to know about.
Make your terms clear
Before you plan on leaving, you’re going to want to make sure your new business partners understand the role you will be playing once the deal is done. You can make sure this happens within yourwhen you go over the terms and conditions of the merger or acquisition. If you want to have some say in your business’s strategy even though you aren’t operating it on a day-to-day basis, then you need to make that apparent in your contracts.
Have a timeline
Mergers and acquisitions don’t happen within a day, and if you are planning certain activities that might conflict with your business deal, then you will need to be able to plan in advance. You want to make sure that you won’t be violating any non-compete clauses and that you have given new management time to look at your systems and ask questions. You’ll want to give your new business partners at least a few months to get settled and before you jump into anything else.
These big changes can affect you in a number of ways, but they can also affect your employees—especially if there might be some layoffs or changes in management. It’s up to you on how you will want to talk to your workers about the merger or acquisition, but it is usually a good idea to give them a head’s up so that they can find some other work or plan for a future boss. You might want to do this in private or offer a company-wide announcement, but either way you’ll need to let your employees know that they should expect the company to change.
Give it time
You don’t want to rush a merger or acquisition, and you’re going to want to give yourself and your company time to recover from such a dramatic transition. Don’t have any major expectations if you plan on still being involved with your company, and be willing to let go of your business if you plan to walk away from it completely.
can be difficult for everyone involved in your company, and it’s up to you to make sure the process runs as smoothly as possible. Once you have a plan for your transition, you’re much more likely to see it end with success.