Magic in Bonding People
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What is the magic in building trust bonding people from the acquiring firm and the target firm? For me, the secret sauce is two people – The target firm CEO and the acquiring firm CEO.
These two must be visionary leaders and manage the emotions of their staff well. I would suggest team bonding activities before the first day of integration and to ensure everyone feels valued and welcomed.
“Attitude reflects leadership…captain.” I have found myself recalling that quote from Remember the Titans more times than I can count over the years! I agree with you, Glenn, that if genuine trust is seen at the top levels of leadership it will trickle down through middle management and on to the front line employees. That being said I think every leader – regardless of position in the hierarchy – should be aware of their impact to their peers and subordinates and be mindful of how they contribute to a successful merger.
I totally agree.
In our most recent acquisition we met the target company leadership team at a conference where they were key presenters. It was great to see them in action, built a lot of respect and we spent after work hours having meals and getting to know each other. We have several offsite meetings in the first 9 months of acquisition to bond and work on a getting to know one another and understanding each others culture.
Open communication is also key. Listening to understand the other goes a long way toward building trust and mutual respect.
For a successful cultural integration, I think it is important to consider the people side of change. Who is getting effected from acquisition? How do their jobs / roles change? Is there certainty in their job staying alive after the merger? Communication and continued effort is crucial for meshing cultures. Not everyone is going to get along but is important for these people to be heard. Poor communication or focus only on leadership cultures can have negative downstream effects
Agreed, though I would add that alignment of that vision between CEOs for the combined entity can be crucial as well – this requires effort, compromise, and advisory when necessary. High morale and an open and communicative culture are irrefutably crucial, but the big picture needs attending to and can likely expedite the bonding process if properly aligned prior to announcement – much easier to trust each other when everybody’s working towards the same goal.
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