Getting acquired is one of the major moments of your life. It is a mix bag of feeling because your startup is like a baby that you nurtured from the start and now after selling it away, things will never be the same and you might not have the same freedom to run that business as you used to. The whole process itself is very tedious and involves a lot of aspects. Your legal advisor and countless manuals may furnish you with all the details however you might not have anyone who would guide you how to handle the people aspect related to you’re the whole process of acquisition. So let me help you now. There are a lot of people involved and you need to have cordial relation with almost all of them and have no grudge against any. During this delicate time, it is essential for you to maintain your calm and no matter how stressed you are from the inside, you must stay calm on the outside. And in this critical time, it is imperative for you to have soft skills and here are three important relationships to take care of when you are in the middle of being acquired.
New executives
After this acquisition, you will have to deal with a lot of new people, some of them being the ones you have never met and may not have full confidence in, so you must take some time to learn about their way of doing business as you are the one who is going to work with them and if you are in sync with them, there isn’t going to be anything to worry about. Spend some time with them and make them feel acceptable because if they are not comfortable in your house, they will not be able to work to their potential and it is going to affect your business.
Existing team
When you are busy pleasing the outside council you are going to have, make sure do not neglect your present group because they are also going through a major transformation. They will need to know who they are going to respond to and how their lives are going to be affected and in order to make your place full of positivity and trustworthiness, you must be transparent as well co-operative with them throughout the process.
Business Partners
You might be at the top of the command chain but chances are your business partners have invested their life’s worth in creating that business and deep down everybody knows it, you know it, they know it, the employees know about it and everyone else. So when going through such a process, you must acknowledge their role through open communication and make them aware of the ongoing activities and hear what they have to say.
Acquisitions are stressful but they are equally exciting and you must strike a balance between the two so that all the people involved are not speculative and their worries are discussed by an open dialogue. If all the stakeholders are satisfied, the whole process will be a whole lot stress free and pain free.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.
New executives
After this acquisition, you will have to deal with a lot of new people, some of them being the ones you have never met and may not have full confidence in, so you must take some time to learn about their way of doing business as you are the one who is going to work with them and if you are in sync with them, there isn’t going to be anything to worry about. Spend some time with them and make them feel acceptable because if they are not comfortable in your house, they will not be able to work to their potential and it is going to affect your business.
Existing team
When you are busy pleasing the outside council you are going to have, make sure do not neglect your present group because they are also going through a major transformation. They will need to know who they are going to respond to and how their lives are going to be affected and in order to make your place full of positivity and trustworthiness, you must be transparent as well co-operative with them throughout the process.
Business Partners
You might be at the top of the command chain but chances are your business partners have invested their life’s worth in creating that business and deep down everybody knows it, you know it, they know it, the employees know about it and everyone else. So when going through such a process, you must acknowledge their role through open communication and make them aware of the ongoing activities and hear what they have to say.
Acquisitions are stressful but they are equally exciting and you must strike a balance between the two so that all the people involved are not speculative and their worries are discussed by an open dialogue. If all the stakeholders are satisfied, the whole process will be a whole lot stress free and pain free.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.
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