In today’s business landscape, mergers and acquisitions are common occurrences. However, the post-merger period can be a challenging one, with companies faced with the task of integrating their respective cultures, processes, and workforce. As a result, many businesses struggle to sustain the initial benefits of a merger, with some even seeing a decline in performance.
However, it doesn’t have to be this way. Post-merger overhauls can help businesses not only survive but thrive in the aftermath of a merger. One way to approach this is by drawing insights from an unlikely source: crossword puzzles.
Crossword puzzles are essentially problem-solving activities that require a combination of lateral thinking and deductive reasoning. The same principles can be applied to post-merger overhauls. Here’s how:
1. Get Familiar with the Landscape:
Just as you would survey a crossword puzzle before attempting to solve it, it’s important to get a clear picture of the post-merger landscape. This involves taking stock of the different departments, teams, and processes within both companies, and identifying areas of overlap or redundancy.
To illustrate, consider the case of Pfizer and Wyeth’s merger in 2009. To ensure a seamless integration, Pfizer identified redundant positions and eliminated them, streamlined its supply chain to reduce costs, and shut down underperforming product lines.
2. Identify Dependencies and Relationships:
In crossword puzzles, certain clues are dependent on others. The same applies to a post-merger scenario, where certain teams or processes may be inter-dependent or have complex relationships.
For instance, when Daimler-Benz acquired Chrysler in 1998, the two companies spent a lot of time identifying dependencies and relationships between the different business units. This enabled them to align and integrate critical processes, such as production and distribution.
3. Prioritize Tasks and Set Goals:
In crossword puzzles, clues are often prioritized based on their level of difficulty or importance. Similarly, in a post-merger scenario, it’s important to prioritize tasks and set clear goals based on the company’s strategic vision.
One example of this is Hewlett-Packard’s acquisition of Compaq in 2001. The new company identified critical goals, such as becoming the leader in the markets they served, and set clear and measurable objectives to achieve them.
4. Communicate Effectively:
Effective communication is vital in any post-merger scenario. In crossword puzzles, clues are often communicated in different ways, such as through puns, anagrams, or homophones. Similarly, in a post-merger scenario, it’s important to communicate in a way that is clear, concise, and tailored to different stakeholders.
When IBM acquired PwC consulting in 2002, the two companies used different approaches to communicate the benefits of the merger to their employees. IBM used internal newsletters and email updates, while PwC consulting held town hall meetings and open forums.
Conclusion:
Post-merger overhauls are essential to the long-term success of any merger or acquisition. By drawing insights from crossword puzzles, businesses can approach this process in a systematic and effective way. This involves getting familiar with the landscape, identifying dependencies and relationships, prioritizing tasks and setting goals, and communicating effectively. By doing so, businesses can not only survive but thrive in the post-merger period.
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