New year, new start! This is a motto that can be applied both personally and professionally. As a business owner, one form of getting a new start may be to merge with another company. It could open up new markets for you, allow you to take on a different role in the business or follow a new trajectory in some other way.
If you go about this the wrong way, however, you could find some of your key staff members start looking for their own fresh start.
A merger will affect the staff
The mere hint of a merger, whether it comes to fruition or not, will affect your employees. You may well need to cut some staff so that you can keep some who currently work for the company you will merge with. Unfortunately, some of the ones you want to keep might go of their own accord unless you are extremely careful.
When rumors of a merger occur the more proactive staff members may start looking around for other options. The same proactiveness that could make them such a fantastic employee could put you at a higher risk of losing them. An employee who is just happy to maintain the status quo and only notices problems after they’ve occurred is perhaps less likely to be at risk of leaving of their own fruition.
Headhunters are also quick to target valuable staff members when they get wind of a merger. They are less likely to go after your average performers. Losing key staff members could negate some of the advantages you gain by merging. So, if you want to keep them, you’ll need to act quickly to reassure them they are part of your plans.
Getting legal guidance to examine your contract options for such staff members will be key.