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It can heavily depend on the industry, company, and cultures being dealt with but we have found that a very good way of working with individuals across cultures is to be open right away. Ask them what their preferences are and share your preferences, then work as a team to find a common ground. After a little while gather some feedback from both sides and continue to adapt how things are being ran to best fit both parties.
This is a nice way to ensure the success of the process. It is fundamental to have previously identified all the cultural differences or potential issues (to create a new brand, to ensure correct communications, to understand their behaviours…)
Agree, seek to understand their culture and seek to be understood. Take the 1st step! I would also suggest networking with people in the industry to find out more about their industry’s norm.
Great topic, Cody. Aside from geographical and industry specific culture, organizational culture plays a very significant role in corporate development and integration. Without adequate culture fit, a deal can often leave employees of the target company feeling as though they’re experiencing a takeover, which can impact retention and associated synergies. This can of course be offset through appropriate planning and execution of change management.
Yes! When dealing with the cross-cultural aspects of a transaction, it’s critical to take into consideration the different cultural dimensions.
Based on Geert Hofstede’s cultural dimensions research, each culture’s stakeholders will approach various concepts differently (e.g., power distance, collectivism, gender norms). Since these concepts can influence negotiations, it’s important to be mindful of the cultural differences/preferences upfront – and establish some ‘common ground’ before they begin conducting the transaction. Thanks for posting!
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