by Patrick Thean and the Rhythm Team
We are thrilled to host our 5th Annual Breakthrough Conference once again in Charlotte, NC, this October 24th and 25th, at the Charlotte Marriott City Center. Charlotte is Rhythm Systems' home base, and we want you to enjoy it as much as we do. Here are some recommendations to enhance your stay once the conference is wrapped!
An acquaintance of mine has recently undergone a merger at her corporation. As a mid-level employee, she knew it was coming; her company had announced a few months ago, but she hadn't heard any specific details other than it was going to happen.
When the time came for the companies to merge, there was confusion, misalignment, and miscommunication. Unfortunately when merging companies, often preparing employees for coming change has been left off the agenda or is an afterthought. Trust me that it is just as important, if not more so, to make the teams are prepared for the merger as it is to worry about day to day operations. The long term success of the merged company depends on the communication strategy to communicate with employees.
You just completed an acquisition in business, time to celebrate and break out the champagne. For some companies, acquiring businesses is their top growth strategy. Unfortunately for most companies, acquisitions fail to meet their objectives in the first year if at all. This can also be one of the most difficult ways to grow your business. That said, failure is not imminent if you do the right things to make the acquisition a success. One of these things is to focus on integrating the culture of the new company with the mothership. It sounds easy and straightforward, although integrating cultures is one of the biggest challenges and failure points after an acquisition. It takes a lot of time and effort to do it right. This is one reason that you should do your best to acquire companies that have good alignment with your Core Purpose and Core Values already to make the merger integration of the target company happen more smoothly.
"Spectacular keynote speeches, incredibly, relevant, informative breakout sessions. Thank you!"
“Loved the human element of business that these sessions brought to the conference”
“Very powerful speakers on Breakthroughs… keep it up!”
“Just kudos. I really enjoyed the speakers. Great insights!”
"The registration/check in process was fantastic! Easiest and friendliest group of people. Thank you!”
The secret’s out - our attendees love our Breakthrough Conference. We have some clients who have attended and brought their teams every single year. Want to know what you’ve been missing?
From a leadership perspective, there’s a real thirst for increasing leadership accountability. Executives have recently asked me various questions that linger over the concept of building team accountability to help them achieve their strategic plans while creating high performing teams:
“How do I build accountability in teams?”
“What else can I do to get people to do what we need them to do?”
“How can I hold a team member to be held accountable and still be seen as a good leader?”
"How do I balance leadership accountability and personal accountability when building a team?"
Building team accountability requires that we understand a few dynamics because it’s more complicated than we might recognize. It goes above and beyond the responsibility for the outcomes, which is obviously important, but effective leaders know that they need a culture of accountability in their teams that provide the inputs needed to achieve the expected team performance.
Mergers and Acquisitions (M&A) are not for the faint of heart. Any CEO who has navigated those waters will tell you it is a tremendous challenge to blend cultures, systems, processes and teams successfully. The statistic is 70-90% of M&A's fail -- that's a scary number! Instead of focusing on that metric, let's talk about numbers we should be measuring around M&A.
Every acquisition deal starts with an incredible amount of due diligence. Are the cultures and values compatible? Do the product lines and customer bases support each other? Do the numbers work and take us down a path of growth? Ultimately, if the deal goes through, benefits have been seen by both parties. Now, it's up to the newly-merged company to both preserve the current value of the organization and meet growth projections. It's a delicate balance.
How do you define success when buying a company? People buy companies for a number of reasons: to increase revenue growth, to acquire new customer accounts, or to gain access to special technologies or patents. These are all reasons that support the common goal: to grow the company. The goal is simple, but why do over 70% of mergers fail to improve share holder value?
In working with many leading mid-market CEOs and their executive leadership teams on their growth strategies, I often ask these leaders what keeps them up at night. It turns out the answer is less varied and simpler than you might think. While they all say it a little differently, the answer almost always boils down to a variation of “How can I execute my strategic plan?” Turns out CEOs know that making plans is easy while executing them is hard. I’ve included the most common four questions I hear.
It was my pleasure to present a webinar last week with our partners, ACG, SunTrust, and the National Center for the Middle Market, on a topic that keeps many of our clients up at night - how to maximize M&A as a growth strategy. As the exclusive research report provided by the National Center for the Middle Market shows, for many executives, M&A feels like a big risk. Few have experience acquiring a business or selling off part of their business, and the statistics are against them - depending on which study you read, somewhere between 50-90% of acquisitions fail. So, if you are considering mergers and acquisitions as part of your growth strategy, you have good reason to be cautious.
However, there are some proven ways to increase your chances of success. We’ve seen these patterns play out several times with our clients over the last decade, and we want to share the National Center for Middle Market’s research and our insights into how you can beat the odds and succeed with your acquisition.
As a fan of Blue Ocean strategy, you already know how important it is to have the right strategy. But, a great strategy executed poorly produces lackluster results and missed targets. Unfortunately, most companies and top executives focus their efforts on developing a strong strategy but spend very little time converting those strategies into “execution ready” plans that clearly define the actual work team members need to do to bring the 3-5 year strategic plan to fruition.
Ready to speak with a mid-market expert? Find out how we help high growth companies execute their growth strategies and win!
