Almost all acquisitions look good on paper, said David Hoff, the chief operating officer and executive vice president for leadership development at EASI·Consult®. There is synergy among the businesses, for example. The deal provides new channels to market the acquirer’s existing products. It is accretive very quickly. So why do most acquisitions, mergers and joint ventures fail? More often than not, Hoff said, it’s because of a culture clash. And oftentimes integrating the “soft skills” of Human Resources proves to be the most difficult.
Hoff offered an example from his own experience. He was working for a company that was acquired and initially things seemed positive. Hoff said there was a big announcement and a reception for new employees, then a long period of silence. “No communication whatsoever,” Hoff said. “In that situation where people seek answers, and none are forthcoming, they make up their own.”
In a recent article, HR Magazine offered some solid advice that HR professionals can use to help makes a merger successful. Read more here.
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