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About SRG

Succession Resource Group is a boutique succession consulting firm based in the Pacific Northwest, serving clients across the country. SRG was founded by David Grau Jr., MBA in 2012 after nearly a decade of helping advisors with valuation and succession planning. SRG's team of experts leverage their industry expertise, combined with best-in-class resources, to help advisors, agents, and accountants manage the equity in their businesses...

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2 min read

Teaming Advice When Preparing for a Merger

Jun 27, 2023 4:20:31 PM

If you’re showing up to virtual presentations or conferences, you’ve likely noticed a recurring topic that's been buzzing around the industry: teaming up and preparing for a potential merger. Hopefully, you’ve sat in on a few of these discussions, and if you’re reading this you’ve probably considered a teaming scenario to some extent. Many advisors we’ve worked with find the concept intimidating, however, with the right approach and some careful planning, you can navigate this process like a pro. So, let's dive right in!

Start building relationships with potential merger partners

Attend industry events, conferences, and networking sessions to meet like-minded professionals who share your vision and values. These connections can pave the way for future collaborations and help you find the right fit when the time for a merger arises. Keep in mind that finding a compatible partner goes beyond just financial metrics; cultural alignment and shared business philosophies are equally important.

Conduct thorough due diligence

Assess the financial health, client base, and operational practices of any firm you're considering. Look for any red flags or potential risks that could impact the success of the merger. Engage legal and financial experts to help you navigate this process and ensure that all necessary legal and regulatory requirements are met.

Assess your team's strengths and weaknesses

If you’re interested in retention, keep your team apprised of future-planning updates. Begin by fostering an open and transparent dialogue. Make sure everyone understands the potential benefits and challenges of a merger, and encourage them to share their thoughts, concerns, and ideas. This will not only help to ease any anxieties but also ensure that everyone is on the same page and working towards a common goal.

Establish transparency and open communication with your staff

Make sure you have robust systems and processes in place to support the additional workload that comes with a merger. Assess your technology, compliance, and operational capabilities to ensure they can handle the increased demands. Consider investing in tools and software that can streamline your operations, enhance communication, and improve efficiency.

Identify and start building your ideal work culture post-merger

In many teaming solutions where opposite parties and staff are often functioning under the same roof, this might seem like an easy check of the list. However, when you start acting upon the agreement, and involving staff on both sides and initiating change, much of that rapport can go out the window. A successful merger is not just about the numbers; it's about the people. Take the time to build relationships and establish trust with the team from the firm you're merging with. Encourage open communication, collaboration, and a shared sense of purpose. Emphasize the importance of teamwork and a smooth transition for both your clients and employees.

Preparing for a potential merger can be an exciting yet challenging endeavor. By focusing on open communication, assessing your strengths and weaknesses, building relationships, conducting due diligence, strengthening your infrastructure, and prioritizing people, you'll be well on your way to creating a successful teaming scenario. Remember, Rome wasn't built in a day, and neither is a thriving financial practice. Take it one step at a time, be patient, and embrace the opportunities that come your way.

Free E-Book: 5 Most Common Post-Transition Roles for Sellers