Developing Talent Post-Acquisition
As a business owner, you’ve spent years building your business and your team to where it is today, and you recognize that your business is only as strong as the talent that supports it.
If you are considering an acquisition, it is critical to assess the importance of talent development to your prospective acquirer to ensure your team and legacy remain intact. To help determine whether a buyer will continue investing in your company and staff, consider asking these questions during due diligence:
What is the company culture?
It is crucial to get an understanding of your potential buyer’s company culture. Do they emphasize the value of learning and training? Do they reinforce the belief that what their employees do is important? Will they provide you with opportunities to connect and collaborate with their leaders? All these factors help to foster a culture that is focused on talent development.
How will the potential acquirer invest in your employees?
One of the key ways that businesses can position themselves for long-term success is by investing in their people. Your people are your greatest asset and it is vital to help them flourish. Your acquirer should work with you to build multi-layer succession and talent plans, ensuring that your chosen team can fulfill your future objectives. Find out what tools and assessments will be made available to you, by your acquirer, to help develop employees and provide them with necessary training.
Will the potential acquirer help you achieve your own professional goals?
If your desire is to remain with the business, your acquirer should work with you to realize your personal and professional goals. Be sure to inquire about the new roles and responsibilities that may be available post-acquisition. If you choose to leave the business after its sale, it is equally important to have discussions about your professional goals and timeline.
After ensuring that you are in alignment with your potential buyer on the company’s future, you will be ready to finalize the sale knowing that your team’s best interests are in mind.
About the Author
Mark Miller is the Global CEO of Volaris Group and Trapeze Group. In addition, Mark is the COO at Constellation Software – Volaris Group’s parent company. He began his career as a software developer and it was during that time that he co-founded Trapeze Group in 1995. Mark has a passion for software technology and building innovative businesses that last forever. His goal is to help intrapreneurs and entrepreneurs surround themselves with a great team so that they can be leaders in their industries.