A complex merger or acquisition can take several months - even years - to be completed successfully, so your organization’s M&A communication plan will be different from any other company. In this case, the real damage shows up operationally, Companies are getting beat up—clobbered—by messaging failures that confuse priorities …. Initially, employees are in very a different place. A survey is one way to promote a dialogue with customers and give them an opportunity to tell you how well the combined organization is meeting their needs …. What HR integration initiatives will be corporate driven and do not need to be “solved” (only executed) in other plans? Will offices or other facilities be closed? The earlier you communicate, the better. They want information much more than inspiration. Don’t assume the new moves are obvious.” It’s not good enough to ask your team to “adapt to change” or “support the merger.”  Say specifically what you want them to …. He has written some thirteen #1 hits, and was inducted as the youngest living member of the Songwriters Hall of Fame in 1981. As we make business decisions over time, we’ll work closely with our employees, customers and suppliers to ensure smooth transitions. ... such as sign-off procedures and a promise to coordinate internal communication. Save yourself weeks of painstaking research and organizational assessment by using our Acquisition Project Plan Template. You can measure the extent of your aversion to losses by asking yourself a question: What is the smallest gain that I need to balance an equal chance to lose $100? Maybe then they’d remember the song when talking to their employees about being acquired and merged. If you plan to change pricing, products and services, complexity would be greater still. Branding: Develop and execute plan depending on brand decisions – depending on scope, may need to be integrated, standardized (with graphic standards) and communicated broadly internally and externally. hbspt.cta._relativeUrls=true;hbspt.cta.load(3044396, '6043b688-ca1b-4b7a-8034-0229fb315503', {}); Most mergers and acquisitions fail over the long run when compared to the objectives they were suppose to achieve. The list below goes over each communication, the phase of the transaction, and who the intended audience is. If someone has a question, someone else may also have the same one ...", "Important communications on Day 1 and during welcome week should come from the CEO. If you’re not sure who they are, work with your manager or supervisor to find out. In a lot of these cases, it is common for your executive team to not decide on all of these at one single time. How a company communicates during a transaction has a … A: Employees currently enrolled in the target Company benefits plans will continue their coverage under the current provisions of their benefits package. With email, Twitter, Facebook, and such, it’s like every employee runs a broadcasting station. For organizations involved in a merger or acquisition, capturing the synergies of the deal and doing so quickly are major hurdles. The authors explain how important it is to provide crystal-clear direction for your people. But the words to the chorus should be tattooed onto the brain of executives. The speed, reach, and sheer volume of information circulating from the people in your workforce eclipses what was possible just a few years ago. The truth is a moving target, and often dead on arrival. Case Studies – Using Employee Feedback Surveys Post-Acquisition Besides, over the weeks and months to come, something is bound to change. What Finance integration initiatives will be corporate driven and do not need to be replicated (only executed) in other plans? Just because a particular approach worked well in the past …, Assuming managers are informed and onboard. We also provide playbooks, agendas, and guidelines for conducting announcement, day one, and benefit meetings. Any successful change requires a translation of ambiguous goals into concrete behaviors…. Oftentimes, senior leadership is so focused on the technical aspects of the deal that they forget the communications side. Critical communication meetings with employees occur: 1. Build a communication plan. Communication during mergers and acquisitions is critical. No changes in existing organization, all current management positions are unchanged. An example of merger would be Disney and Pixar merging together to collaborate more easily. Why Do "Staggered Experiences" Foul up M&A Communications? ), Create invite to Day 1 (email, letters, webinars, voicemail etc. Top leadership and management need to create a multi-step communication plan. This produces a sense of uncertainty that fuzzes up priorities, interferes with decision making, and breeds inertia. Whether that be to welcome the employees of the newly acquired company or to welcome all of the employees to the brand new “merged” company. A password will be sent to your email address. Communication should be relevant and meaningful. The ‘loss aversion ratio’ has been estimated in several experiments and is usually in the range of 1.5 to 2.5. Why buy the Acquisition Project Plan Template? This is the “it gets worse before it gets better” phenomenon. 2. Acquisitions create an insatiable demand for communication and connection. Acquisition Project Plan Template. Without adequate information, people will cook up all sorts of wild rumors that create unnecessary stress. Most M&As involve several people, and you need a strategy for who will own each aspect of the transition. When you want someone to behave in a new way, explain the ‘new way’ clearly. Communication problems have always ranked #1 on the list of generic problems during integration. But you CAN dramatically increase your odds of success. It’s not about mergers. Continue to be patient and understanding as we push through some of the tough integration challenges related to the core parts of our business. Employee loyalty and trust are at stake. However, this will be external facing, so you will want to take some care in how your announcement comes off to the public. Work becomes more frustrating and stressful for everyone. This is because the two companies are guaranteed to not be exactly alike. How to Avoid Productivity Drop-Offs During a Merger, eMerger: Software for M&A Integration Planning and Communication. Capture the customer’s question and pass it to your manager. Communication is the glue that will hold all the parts together in an M&A that need to be functioning properly to have a successful transaction. Proven, easy-to-use online reference tool for merger planning and communications. Too often the communication starts too late and doesn’t deal sufficiently with the post-merger integration issues. We know that when change hits, the first scan is for danger. They tend to tune out the inspirational talk ...", "With rolling FAQs, people can self-help. The Core Message Word template is also provided. What employees see and hear is perceived through this negative filter, and their …. However, there are many ways to tell a story that doesn’t include proprietary information such as exact revenue figures or projections. Folks are focused on the potential downside— how their careers might get damaged. But, the five points listed above should be enough to get you started with a strong backbone for a really solid communications plan. When merger difficulties develop, 75% of them have their roots in communication problems. An owner, due date, and priority are assigned to each task. A clear and thoughtful communication plan can go a long way in easing concerns, distrust and resistance as employees are challenged to go from the known to the unknown. to execute ALL day tasks/functions from food, audio, laptops, hotel, etc. It may have nothing at all to do with the merger per se, but that doesn’t matter—the merger will be the convenient whipping boy. M&A Integration Planning Software (Includes 20 steps, 107 tasks, and 45 tools), Objective: Creating a blueprint for the integration, M&A Communication Planning Software (Includes 15 steps, 55 tasks, and 39 tools), Objective: Developing a consistent process for communicating. It may be uncomfortable to go looking for bad news, but it’s even worse if customers have a problem with your business and don’t tell you about it. The next time you see or read about a top executive announcing a merger/acquisition, pay close attention. If you’re announcing a merger, don’t forget that you’re dealing with adults. Includes communication tips, talking points, letter and answers to FAQs. @acquirer has completed its acquisition of Acquired Co.. #gamechanger #acquirer #our industry [link to press release]. As soon as an M&A is announced, people have questions and concerns. How many and where will take a bit more time to work through. Posted on October 7th, 2015. As people have to break their familiar routines, performance weakens. Protect your credibility by "telling it like it is," no matter how painful "it" may be. Save yourself weeks of painstaking research and organizational assessment by using our Acquisition Project Plan Template. As we work to integrate the two companies, we expect to identify ways to consolidate and streamline our policies and practices. This is high drama. Here’s the 4-step sequence that works best: 1. It is the CEO's job to break the communication logjam. Customer-facing employees should carefully review the Customer Communication Playbook for detailed information on how, when and what to communicate with customers. You can assure our customers that we will not miss a beat in delivering on our commitments. Do not call out comparisons to other industry mergers or acquisitions. How will you decide who gets the account in cases where both companies service the same customer ... Seventeen-page playbook includes communication tips, talking points, letter, and answers to 45 FAQs. Q: Do I need to start answering the phone as an Acquirer employee? Until these “me issues” are resolved, people are …. During merger and acquisition, organisation faces the most abstruse and recalcitrant problem: resistance to change. Includes answers to FAQs, sample letters to suppliers, and important talking points and messages. Note to Execs Announcing a Merger: Take Some Advice from a Hit Man! Rumors start to fly as soon as people pick up the scent that a merger is in the works. In the meantime, review the FAQs below to learn more about the IT transition and what it means for you. No need to risk losing the synergies when the templates get you most of the way. For your press release, you’ll want to include information very similar to that which was used in the initial announcement. Identify areas subject to name or identity change, plan process of change over and begin ordering new stationary, supplies, signs, banners, business cards, company forms, etc. I’d bet a lot of money you’ve never heard of a guy named Robert Valentine Braddock. No company is perfect. Once your job is transitioned to New York you will receive information on COBRA that will allow you to continue their benefits for up to 18 months. Company and Target will keep existing practices in place for the short-term. When two companies merge - or when another company is acquired - changes will have to be made to employment policies. Get to know your new work colleagues. They can also access all the presentations, playbooks, books, articles, checklists, software, assessments, webinars, research, tools, and templates on MergerIntegration.com. This was a complex process, requiring the sales team to tell the story with marketing’s support. He’s a big name in the world of country music, though, a living legend on Music Row in Nashville. When you need more clarity or direction, ask your manager or supervisor. They can handle it. Twitter Post: Provide standard text that suppliers, customers, and brand sites can retweet or copy Why wouldn’t you? Employees decode it to mean that both companies will be treated as equals so far as integration decisions are concerned. Information Technology: Day 1 Answers to Frequently Asked Questions. Fear not. Before the Acquisition/ Merger A successful M&A deal requires exceptional leadership and careful planning. They end up causing productivity and morale declines and—eventually—profitability problems. You’ll be talking into a headwind of skepticism, and a Pollyanna pitch is just going to stoke the fires of employee distrust. 3. People may only understand the change in broad terms and not in practical terms. Because of this, it makes sense to send out multiple HR updates as more decisions are made to let your employees know how they will be impacted. Take the initiative to reach out and introduce yourself. People want to hear from their leader. Function/ department specific message as determined by responsible Executive Committee member. Here are four reasons why you should control the flow of information and develop a thorough employee communications plan before a merger or acquisition. Bobby’s lyrics describe precisely what employees want their boss to talk about …. hbspt.cta._relativeUrls=true;hbspt.cta.load(3044396, '864e2ad8-52d7-4970-ae42-bb36a9be967d', {}); Even though your communication plan will be different from plans that other organizations create, it will still be as equally important to the success of the M&A transaction. The grumbling gets louder, and the merger loses steam. But the phrase gets misinterpreted. It lets your employees know what is happening in the bigger scheme of the organization, which creates a transparency that instills trust. Our focus on delivering the best products and services to our customers and maintaining strong supplier partnerships ... What the company and its people will gain or lose, How the company will proceed with integration and change, General facts about the partners–size, products, history, key executives, and locations, How business should be conducted during the transition period, Developing key strategies for the new business, Determining overall Integration initiatives, Identifying and documenting Lessons Learned, Chartering the Communications Announcement Team, Detailing the strategy and plan for ongoing communications, Creating a plan for ongoing communication, Documenting the Communication Strategy and deliverables. As with any merger or acquisition, we know there will be some job changes and some overlap that will result in job eliminations. Country artist Toby Keith recorded the biggest hit of his career with the Braddock song that I want you to keep in mind. Your executive team should be giving regular updates about the success of the deal, and goals that are coming down the pipeline in regards to the M&A. How to build a successful merger communication strategy: 6 steps. Every day brings new developments. History• The concept of merger and acquisition in India was not popular until the year 1988. They’ll probably appreciate a little special attention at this point, so it certainly can’t hurt to touch base and find out if they’re experiencing any problems that you might not otherwise be aware of. And instead of coming across like some breezy politician, you’ll position yourself as a real leader. Internal vs external communication is very different! It’s up to the seller to keep the lines of communication open. Pre-Close Briefing to M&A Integration Teams, Answers to FAQs from Integration Planning Teams, Example of Completed M&A Core Message Document and Core Message Template, Day -3 Through Day 1 M&A Communications Plan, Stakeholder Analysis Template for a Post Merger Integration, Communications M&A Integration Playbook - $220 Million Acquisition, Day 1 M&A Playbook: Supplier Communications - $1.6 Billion Acquisition, Communications Playbook for Media, Social Media, and Websites - $760 Million Acquisition, Supplier Communications M&A Integration Playbook - $3 Billion Acquisition, When and What to Communicate to Employees in a Merger and Acquisition, Employee Meetings: Announcement, Day One, and Post-Close, M&A Insights Drawn from a Nobel Prize Winning Psychologist, Sugar-Coated Merger Announcements Leave a Sour Aftertaste, Post Acquisition: Customer Survey and Letter. But because their communication troubles developed insidiously over the past twenty years, top management doesn’t grasp the scale of the problem. Take care of their "me" issues in a hurry. Six pages of communication guidance for supplier-facing teams that includes key messages, talking points, sample supplier letter, and supplier FAQs with answers. Hot stuff. Easily customized Word document that includes answers to FAQs, sample letters to customers, and critical talking points and messages. Fight the urge to sugarcoat the story—give people the good, the bad, and the ugly. And the trouble is that communication problems never seem to remain just communication problems. We will begin immediately to get to know each other and develop plans to combine our businesses in the most effective way. What do they sell? "Executives are in New Beginnings.They want to communicate the vision, the inspiration about how great the merger will be. Right now, there are going to be more questions than answers. We will act with purpose, focus and transparency to integrate our two companies working closely with our stakeholders every step of the way. About 100 days after Close, it’s a good idea to take the temperature of the two companies’ customers. The 5-page example provides answers to more than 30 frequently asked questions from employees in a merger. 3.2. Plan early and continuously throughout the merger or acquisition, and set expectations for roles and responsibilities early on in the process. Will I lose my job? While it is important to let the public know about your merger or acquisition, you will also want to be strategic in the specific information you release. (Sell the rationale for the merger, using compelling facts and personal conviction.) Communication planning requires much more thought in a merger than it does during more stable, less stressful circumstances. Acquired Co. and Acquirer’s IT teams will be working closely together over the next several months to bring our IT systems together in the way that best suits the needs of the business. “We don’t anticipate making any changes.”. The document makes the job of sharing accurate, timely, consistent information with employees much easier. Who Should Communicate Key Messages During an Integration? What is going to change? This is were ongoing communication is useful. Just the same, it looks bad. Every day brings new developments. Well, to be honest-- a lot.The list below goes over each communication, the phase of the transaction, and who the intended audience is. Develop special communications/plan for key customers/contracts, prepare talking points, Develop a plan to manage employee expectations / reactions, Identify ways to promote the Acquired Co's image within the acquirer. The eleventh most famous movie quote of all time comes from the 1967 film “Cool Hand Luke.” In that scene, the prison warden clobbers prisoner Luke (Paul Newman) with a billy club and sends him tumbling into a ditch. There is little opportunity for them to make an insignificant remark. A merger and acquisition employee communication plan will help communicate change at every stage: from announcement through integration to employees and explain how the change affects then and manage communication during the quiet period. Yet, most key managers receive little education on what to say, and just as importantly, what not to say. Key message point to be delivered to employees in groups and reinforced in What should I say? Announcement Day Your merger and acquisition business plan sets clear objectives to allow the pieces of the puzzle to fall into place quickly, with less stress and an emphasis on the best possible outcome. In executives’ defense, the symptoms of this breakdown are subtle and indirect, because communication problems never remain just communication problems. Supplier Want to know another huge reason that mergers and acquisitions fail? In this tense environment, it is easy for messages to be misinterpreted, twisted, or exaggerated. individual discussions. The deal will create numerous questions in the minds of stakeholders. So that’s what you’re dealing with during merger integration. There are lots of other things specific to your organization that you may want to include in your communication plan that aren’t covered above, such as a letter specifically about how certain technologies will be integrated or about where new employees should start reporting every morning for work. This has serious implications for an M&A scenario. An integration unfolds like a fast-moving, changing story. The number and extent of job changes and reductions will depend on the unique needs of each business and department. Many of you will be asked to help with this planning task personally. To put this conversationally, people normally weigh losses about twice as heavily as gains. looks across at the rest of the chain gang, pauses, and in a strained voice says, "What we have here is failure to communicate". M&A Communication Plan: Everything You Need (And Free Templates), The Hart-Scott-Rodino Act and Premerger Notifications: An Overview. Help people understand the volatility of the situation. Communications on operational matters ...". The right communication plan can eliminate issues with productivity, reduce anxiety, and maintain efficiency in a coalescing company. While a merger happens when two companies combine together to form one company, acquisitions happen when one company is taken over by another company. For example, if you merged with or acquired a specific company for an advantage over your competitors, you won’t want to release information about that to the public that could cause you to lose said advantage. Give your merger or acquisition the best chance for success by thoroughly managing the process from due diligence well into the first year post-deal. Integrating a workforce during a merger or acquisition can be an incredibly arduous process. Prior to any change we will inform you of the changes ... Five-page playbook covers media plan, talking points, letter to state and local officials, and posts for social and media websites. The 4-page example of a merger core message document serves as content for various M&A announcements and helps ensure consistent communications throughout the organizations. Put our customers and the business first. This helps explain why selling the merger to your workforce can be a pretty tough job. A: No, you will continue with conducting business as usual and answering the phone as Target Company. The most important thing we can tell our customers is that nothing changes immediately. This creates a mindset colored by uncertainty, anger, and distrust. Having a welcome letter is a great way to start an open dialogue of honesty and transparency with new employees, as well as to create an inviting culture that will hopefully assist with retention issues. In this case, it could double it if your newly formed organization directs all of its needs to the vendor, or completely eliminate it if you choose to go with a different vendor. Chances are they may have experienced some turbulence caused by the transition. But they’ve hit a far higher threat level now because of today’s communication technology. In this section, we list the questions to expect from different constituencies and the proper information to convey to each. They want it. Opportunities must be very bright and shiny, say twice as good as the risk of losing, for people to be upbeat and excited. For your internal employees, the information should be very similar to that of the initial announcement, but with more information about the actual closing. It’s important to remember that mergers and acquisitions are not democratic processes …. Communication during a merger should not be improvised. They have not had as much time to digest the news. This will reinforce all of the previous information that you sent out as well as notify them that the deal has finally closed. These transactions can be as transformational as an IPO — more so, in some cases. We have created a list of items that you should include in your merger or acquisition communication plan, along with explanations for each item, and templates to help you get started. 83% of all acquisitions fail, according to a study by Hewitt Associates. For example, in my second acquisition, we created a new umbrella brand, making sub-brands of the original company I had founded along with the two I acquired. Initial Announcement: The purpose of this is to announce the deal, and it will be sent out to investors and internally to employees. All you need to develop and execute a comprehensive post merger and acquisition integration plan. When it comes to sharing information with employees, it’s a “pay now or pay later” proposition. Spreadsheet identifies key elements of communication plan including stakeholders, key messages, timing, priority, and concerns. PRITCHETT Merger Integration Certification Workshop Attendees, and Paid Website Subscribers can access this resource. Be tolerant of cultural differences. 3. Adhere to the information set forth in these documents and do not elaborate or expand upon the information provided. Answers to 28 Employee Frequently Asked Questions. The communication role needs to begin during the preliminary stages to set the scene. Spreadsheet that includes the following columns for each stakeholder group: Covers all the tasks acquirers should follow to ensure all constituencies, including customers, employees, and investor relations, are well informed. They write, “Ambiguity is the enemy. hbspt.cta._relativeUrls=true;hbspt.cta.load(3044396, '65c49de6-36ef-4069-9d81-53b4869de7b6', {}); This letter will be sent out to all employees at the new organization to let them know how this merger or acquisition will impact their specific employment. Include investor link and provide a FAQ's link for employees, Invite all off-site employees into webinar/audio for Day 1 event, Have appropriate HR personnel onsite for Day 1 to address questions/issues/concerns about new benefits…, Protect the base business; maintain focus on day-to-day operations, Make a good first impression; deliver Day 1/Welcome Week playbook, timeline and training, Transparent, timely communication about what matters, Provide functional M&A integration communication processes, tools, counsel …. They can find the answer is about $ 200, twice as much the. New Beginnings.They want to communicate this to your email address process also requires refinement. Usually in the initial announcement be taxing without expert help present the Peer-to-Peer Matrix for Target Co. employees, all. On their own which will save you time held up to the core parts of our.! Seriously, studied for innuendo, or held up to the success of any merger or acquisition our Project. 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