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Better Consulting
When integrating an acquired Small or Medium sized Business (SMB)…
Letting people goSHOULD BE ONE OF YOUR LAST OPTIONS
DEFINITIONS
Synergy:Combining two organizations so that the combined (integrated) entity is greater than they were before
Integration
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“Wearing Many Hats”An expression meaning that a single staff member has numerous roles/responsibilitiesTypical in in small businesses
Development
Tech Support
Training
As a business grows, requirements grow faster than the ability to recruit
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ALMOST NOBODY
FIRST ROUND.COM STARTUP SURVEY“The Number 1 concern [of startups] remains
finding and hiring the best talent.
This is perceived as more a 'make or break' prospect
than competition and customer churn”http://stateofstartups.firstround.com/#highlights
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ACQUISITIONS ARE DONE TO ACHIEVE SYNERGIES
Combining technology
Combining talent
Increased revenues
Reducing costs
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REDUCING COSTS
• “Reducing Costs”• The scary synergy that grabs the headlines• Usually associated with reducingthe number of staff
• With Small and Medium Businesses you should choose this last
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NOW YOU’VE ACQUIRED, YOU’RE BIGGER
You need people to wear less hatsYou’re going to grow, further
Won’t you need more staff?
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WHAT HAVE YOU ACQUIRED?
•With an SMB* acquisition you usually want one, or both of these•Expertise in Market•Expertise in Technology
•Without the people, what have you got?
* Small or Medium Size Business
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4 REASONS TO KEEP YOUR STAFF
1. You acquired for expertise.People, not objects nor market share have this
2. If you’re growing, you will have a need for people who understand your business
3. If you keep the number of staff low you’re dependent upon a few for critical issues
4. If you don’t show loyalty to acquired staff, you won’t get it from them either
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You’re in a small business that has forward motion, and is growing
You’re acquired by a larger business10% of your colleagues are let go
How do you feel about the new business owner’s strategies?
THE PUNCHLINE
•To grow a business • You need loyalty, which requires trust
•Have you planned how you going to gain the trust of the people in an acquired company?
QUESTION FOR THE DAY
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THE PUNCHLINE
•You will need the expertise•You will need the manpower•You will need their trust
•Demonstrate your trust in the peoplewho make up your staff
•Make layoffs a last option
QUESTION FOR THE DAY
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