Once you’ve established a strong reputation and found another company that you'd like to work with, a merger might be a mutually beneficial business decision. However, the joining of two enterprises requires careful planning, and it might even be necessary to work with a skilled business lawyer to ensure everything is accounted for. If you're about to embark on this journey, use the following pointers to make the most of the merger.

How to Plan a Successful Business Merger

1. Know Where You Stand

An important part of preparing for a merger is recognizing your worth. Conduct a thorough assessment of the business’s financial health before moving forward. 

Familiarize yourself with the patterns your profits have followed throughout the past few years. Also, understanding the strengths and weaknesses of the operation will help determine potential goals and how the future partner can help. Monitor your income and expenses and compare assets and liabilities so that you have a clear picture of the business's current liquidity.

2. Form an Objective

Every business owner will have different motivations for pursuing a merger. Perhaps you’re tired of having the main role and want to decentralize the leadership and take on a trustworthy partner. Maybe the business has lost value and needs assistance from a more reliable company to grow.

Whether the goal is to get rid of a competitor, expand the brand’s reach, or increase your market share, make sure that you’ve defined a clear and accessible goal for the upcoming merger. Make sure the team is on the same page to avoid any confusion or miscommunication.

3. Make a Plan for Key Players

It’s common for each team to downsize before coming together. However, there's likely a group of employees that you can’t see yourself parting with, and you owe it to them to make a plan for their future in the company. Assess their current roles and how they may change in the new business structure.

With the other business owner, create up a plan that incorporates your key players’ talents. Then, sit down with each of these employees and make sure they're satisfied with their post-merger roles so that you can ensure they’ll stay on board.

If you’re considering a merger or acquisition, turn to The Law Office of W. Randall Holcomb for guidance. These trusted business lawyers serve clients throughout Greensboro, NC, and they’ve cultivated a reputation for being efficient, attentive, and meticulous communicators. Whether you need help reviewing a contract or planning a merger from the ground up, you can rely on their commercial law acumen to get the job done. To learn more about their practice areas, visit the website. Call (336) 888-8760 to schedule a consultation with a business lawyer today.