Announcing a New Owner
The acquisition deal is done, and now the integration begins. This change is the most shocking experience for your new team. And the disruption mounts in founder-led companies.
Founder: “I sold the company (and you). Meet the new owner.”
New Owner: “Hi.”
Obviously, the dialogue isn't accurate, but the feelings they invoke are. An unexpected layoff is sometimes easier to digest than being acquired. Once the announcement has been made, the team will realize this deal has been happening behind the scenes for months, and nobody told them. The team's first impression of this new owner is then polluted with a trust deficit and fear of the unknown.
So, before any detailed plans are revealed, ask these two questions to start rebuilding trust immediately:
“If you could fix 3 things about the business, what would you fix first?”
“What are the most important things to keep in place for your role?”
Ask these questions 1-on-1 or in small groups. Connect relationally, share big vision, and ask the questions. Write down what you hear, and express gratitude for the input. We guarantee some of your highest priorities are issues they have been waiting to resolve. They will be grateful someone listened.
One of our founder clients sold his company to a national player trying to get a foothold in his state. Strict NDAs kept him from warning the team he had poured years into, so they heard only after all changes were finalized. Two years later, we asked how things were going; he said:
“I can confidently say that no one is having fun.”
One of his field production managers had already left. Another operations manager had moved back to doing field work. Asking early separates a team that helps you build the future from one that checks out completely.
In the video below, we cover what to do with the team’s input once you have it, including the one step that gets both teams working on the same problem.
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