Although we should all keep our business planning under constant review, human nature means we often only do this when events prompt us to do so. New Year thinking often prompts big ideas. And why not? We should all think outside the box sometimes. Even Boards of Directors in mature businesses need to be reminded to plan regularly. Think big.
Is it perhaps time to buy that competitor you have always admired? Or, if you are nearer to the end of your business journey, is it maybe time to develop an exit strategy?
A business acquisition is well recognised as maybe the only way to achieve significant business growth in a short space of time. If you get the integration of your target acquisition right it can also deliver clear benefits, most likely at least one or all of the following:
• immediate access to a larger portfolio of paying customers
• a bigger group of experienced staff often with useful new ideas
• an opportunity to diversify your product offering without having to learn new things
• new positive energy and impetus for the larger business going forwards
Mergers or acquisitions do not have to involve large capital sums either. There are lots of ways to structure a deal.
If you are in the planning an ‘exit strategy’ camp, and rightly concerned about your customers and colleagues, why not hand-over gradually? Any new management team will probably be immensely grateful to have you on-hand for a period to transfer those key relationships gradually.
This is all part of what is called Post Merger Integration (PMI) planning. Getting the future plans right for the business, for its customers, colleagues and for its leadership teams.
If 2020 is a time for some big business ideas for your business and you want to discuss how you might plan for these, please get in touch for conversation.