Effective communication is a critical component of successful mergers and acquisitions. It can’t guarantee success, but its absence can contribute to failure. Ten tips for more effective communication are:
- Feed people’s huge hunger for information and need for direction.
- Listen; don’t just tell your story.
- Make sure leaders are visible internally, their actions and words match, and they commit to communicating regularly.
- Identify, target and regularly re-evaluate all of your stakeholders to ensure you are meeting their needs.
- Coordinate internal and external communication, especially for consistent messages, timing and speed.
- Explain the process and timing for each stage: due diligence, approvals, closing and integration.
- Establish communication roles and responsibilities between the companies involved in the merger or acquisition.
- Acknowledge and address employees’ feelings of anxiety and uncertainty.
- Always remember that informal communication influences people more than formal communication.
- Maintain momentum and commitment to “business as usual” activities and continue to communicate them.
