I noticed change management plays a huge role in M&A.. I wonder if anyone can share best practices in implementing proper change management process.
Do you use any tools?
Do you establish a change management committee?
Thanks for this question Alexandra. I agree that change management is crucial. I don’t really have an answer as I am new to M&A myself, but hopefully my reply can bump this up in the thread and help get some response! I would be interested to know if others have focused on training their IMO in change management best practices or on having a distinct change management practice or resource that is engaged in M&A efforts.
Good question Alexandra, I have limited experience with change management, but in my view it is about considering change management across workstreams so all changes are followed by how can we smoothen this transition?
Creating “task forces” across departments with key stakeholders as the “task force lead” has been incredibly helpful. I would suggest having stakeholders both from acquirer and acquiree to show a unified approach and gain as much buy-in across the different companies as possible. Weekly meetings for communication, an action item tracker that is reviewed weekly for accountability, and determining and discussing lessons learned are also incredibly important.