by Alex Schnee
Now more than ever, business tends to be conducted remotely, and you need the technology and systems in order to make it happen. When you are dealing with something complex like a merger or acquisition, it’s incredibly important to be able to review teams and conditions, make sure that your contract covers everything, and handle employees’ concerns. By taking the time to consider these aspects of a merger or acquisition, it’s much more likely to come off successfully.
Here are some tips to help you conduct a merger or acquisition with parties in multiple places.
Communicate
One of the most difficult aspects of conducting a business deal online is not being able to communicate in the same way you would face-to-face. This can lead to some confusion—especially if text or email can be misconstrued. If you can, communicate your needs over several different ways including email, messaging apps, over the phone, and through video chat. There are a multitude of tools that make the entire process much simpler.
Review your contracts
Your contracts might be the most important part of your merger and acquisition, and you will need to have a neutral place to store them virtually. Having software like a deal room can allow each party to see any changes that have been made to contracts, as well as to add notes for revisions. This can make the process much more collaborative and a lot faster instead of sending sensitive documents back and forth with email. Not only is it simpler, but it also helps to keep those files secure and reduce the risk of them being shared among other people.
Have a second opinion
Even if you think you know what is best for your business, it’s a good idea to have a second opinion. This is why it is essential to have legal help during your merger or acquisition. If you have a mentor or business partner, make sure that they also get a chance to look over things to make sure that it is favorable to both you and the other party. Having someone who you trust to look things over can make the entire process much more pleasant.
Alert employees
Once it looks like the merger or acquisition is about to go through, you are going to want to let your employees know that the company is going through some changes. This might affect your relationship with those you have worked with for a long time, or it might not make much of a difference in their day-to-day lives. Even if this is taking place virtually, you want to be available to answer any questions they they might have and to give them a chance to find alternative work if they need it.
In summary
A merger or acquisition can be difficult enough to handle in person, let alone when your team is separated and you must work virtually. With these tips in mind, you are much more likely to pull off a successful business deal.