Acquiring a new company can be a rewarding experience, for obvious reasons. Profit is probably the biggest goal you have in mind when looking to purchase a company. Next, is productivity. You want the newly acquired company to be productive in nature, which will, in turn, increase profit. What about the people who work within the company?
That is where your heart should lie. People are what make the world go ‘round and what will make the company more profitable than ever. The employees should be your top priority. Here are some ideas on how to make people your priority:
Meeting with employees personally rather than in a large group can really set the right mood. It shows the employees that you really care about them as people, and not solely on the profit they can provide you. By having one-on-one time, or at least time in smaller groups can ultimately lead to more profit because the employee will feel they are valued as a person.
Let’s face it, everyone wants to feel needed and wanted, and what better way to show that you value someone than meeting with them in smaller, intimate groups rather than in a larger, more intimidating setting?
Have Open Communication
Company acquisitions can cause a lot of anxiety for employees. They are worried about what is going to happen, who is taking over, etc. It can be a scary feeling when you don’t know all of these things, mainly because many of us have families to support. This can happen with your current employees as well. No one wants to wonder if they still have their position when a new company takes over.
Honesty is the Best Policy
Be upfront and honest with your current and new employees. Be compassionate and understanding. If you must do some restructuring, honesty sooner rather than later is the best thing.
Once trust is broken, it’s hard to get it back and the company profits, along with everything else, start a downward spiral. Don’t let this happen. Don’t make promises that can’t be kept. Once the reputation of a company is tarnished, it is difficult to get a good reputation back. Address the issue honestly and move on.
The people you are inheriting are what will make the new acquisition a successful one. Show the employees that you really value them as people and not just a dollar, and they will really work for you, making the company productive and profitable.
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected. All rights reserved