{"id":3737,"date":"2022-04-07T09:00:00","date_gmt":"2022-04-07T13:00:00","guid":{"rendered":"http:\/blog\/story\/a_merger_integration_checklist_for_professional_services_firms\/"},"modified":"2022-04-11T13:25:09","modified_gmt":"2022-04-11T17:25:09","slug":"a_merger_integration_checklist_for_professional_services_firms","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/a_merger_integration_checklist_for_professional_services_firms","title":{"rendered":"An M&A Integration Checklist for Professional Services Firms that Puts Your People First"},"content":{"rendered":"

An M&A Integration Checklist<\/h2>\n

Post-merger or acquisition, most leaders are focused on the quantifiable steps of the integration such as cutting costs and streamlining efficiencies. While that\u2019s all well and good, I\u2019m going to walk out on a limb here and suggest a slightly novel prioritization of tasks \u2013 why not put your people first in an M&A integration checklist?<\/p>\n

At professional services firms, people are your product and, to invoke a clich\u00e9, your most valuable asset. But what does that mean?<\/p>\n

Your firm\u2019s singular mix of talents, personalities, skillsets, and leadership are key components of your brand and contribute to your reputation. As you integrate with a new entity, it only makes sense to preserve<\/a> the best parts of the culture you have worked so hard to establish.<\/p>\n

Here\u2019s a merger & acquisition integration checklist that starts with your people, as it\u2019s critical to retain their loyalty and expertise.<\/p>\n

1. Culture.<\/strong><\/h4>\n

If you are undergoing a merger or acquisition, you\u2019re in a bubbling cauldron of change. Whether two cultures are co-mingling, or one has literally acquired the other, there are probably more similarities than meet the eye. Suppose two competing industry giants are thrown together. Chances are, their missions resemble one another, but the expectations set by management are very different.<\/p>\n

If a merger or acquisition is to succeed<\/a>, a new culture must emerge. If you look for the best elements of both cultures you can develop a workplace that is both familiar and fresh to everyone. But how do you uncover these elements?<\/p>\n

A little internal research<\/a> can go a long way. Survey your employees and identify the common themes in each group. Ask what they liked most and least about their work environments, the way they delivered services, and their firms\u2019 management styles. Compare the responses and themes from both organizations. Then see if you can develop a culture that includes elements of both.<\/p>\n

While it may be impractical to build a new internal culture from scratch \u2014 one organization\u2019s established culture is likely to dominate \u2014 the merger or acquisition is much more likely to be successful if you can accommodate all parties to some extent.<\/p>\n

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Download the M&A Guide for Professional Services Firms<\/a><\/p>\n<\/div>\n

2. Employer brand.<\/strong><\/h4>\n

Your recruiting and retention efforts have never been more important. In a time of change and competing priorities, how do you ensure your employees<\/a> feel valued and supported? Happy employees provide quality service, while disgruntled employees can be less committed to that end result.<\/p>\n

After a merger or acquisition, usually one of leadership\u2019s first thoughts is to cut costs. This instinct to take away is what threatens employee morale, work product, and client experience. Why not focus instead on the employee experience and retaining your best people?<\/p>\n

Don\u2019t rush to decisions \u2014 listen to your employees and what is important to them. And never take the small things for granted. Work-from-home Fridays or hybrid work opportunities might be the reason many people took the job and taking away that perk might be the reason they leave. If your employees feel they are at risk of losing the parts of their job that they value the most, you\u2019ve got a tough road ahead of you.<\/p>\n

And just as it\u2019s important to retain people, it\u2019s important to recruit, too. No one wants to work for a company that has a revolving door of talent<\/a>. Constant turnover is not attractive to potential candidates as it is a sign of instability and turmoil. The employer brand you portray now will directly impact your ability to scale.<\/p>\n

3. Internal Comms.<\/strong><\/h4>\n

Be the liaison your firm needs you to be. Your goal should be to build a culture of transparency and rapport. How \u2014 and how clearly \u2014 you communicate now will play a direct role in the success of the integration.<\/p>\n

Do yourself a favor and don\u2019t skip over the introductions. It\u2019s critical that your new family operates as one \u2014 and that a close-knit dynamic doesn\u2019t happen overnight. The key is to make sure you are covering your bases. Nothing can be more detrimental than if one part of the firm feels favored over the other.<\/p>\n

Storytelling can be a powerful tool. Each organization needs to learn about the other, so consider asking each side to share stories about notable client engagements and important internal events \u2014 whatever experiences will help the two parties coalesce and bond. How you share these stories will depend on the size and structure of the firm, but try to encourage individuals to tell stories in their own voice, whether spoken or written.<\/p>\n

And make sure your communications are thoughtful and strategic<\/a>. Your plan won\u2019t work if your message is unclear and doesn\u2019t deliver the intended impact.<\/p>\n

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Download the M&A Guide for Professional Services Firms<\/a><\/p>\n<\/div>\n

4. Branding and marketing.<\/strong><\/h4>\n

Unless a merged or acquired firm is taking on the identity of the dominant brand, a merger or acquisition presents a great opportunity<\/a> to reposition your firm or do a brand refresh<\/a>. But first, you need to understand how the two firms are perceived in the marketplace and internally amongst employees. Brand research<\/a> can identify opportunities in the marketplace that will inform your new positioning. Use the occasion to strengthen your reputation and increase your visibility. A stronger brand will resonate not only with your clients but also with your own employees \u2013 moving your closer to that unified brand culture.<\/p>\n

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See also: Branding services for professional services firms<\/a><\/p>\n<\/div>\n

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