Merger; From the Inside, by David Hunt
Part II, Finer Details
You’ve found a partner, someone with shared values and ambitions, but what next? A huge number of deals never materialise, I’d speculate through anxiety, uncertainty, egos and inevitable complications. And that’s appropriate. Global groups want the best, and that can only be achieved with blood, sweat & tears. To be the best, you have to care.
Your agency is comfortable, reassuring, familiar. It’s successful, enjoyable, it is safe. “We can wait another twelve months!”, “We’re doing great on our own!!”, “It’s not the right time!!!” Anxiety and second thoughts are inevitable when approaching a merger or acquisition. But as previously discussed on this blog, I believe to survive & succeed evolution is essential. We overcame our apprehension through complete internal alignment, one of our greatest strengths, and honest communication with Havas Health, one of theirs.
You fear seismic change when going through a merger. You’ve heard the scare stories, you know the risks. A creative imagination can fuel wild uncertainties. Fear of the unknown can be entirely debilitating. But your a great agency; decorated, profitable & happy. You know your people, you know your business, you know what works. You also also know your weaknesses. By identifying a true partner, their ambition will be improvement where & when it counts, not driving change for changes sake. It’s about evolving together, becoming stronger & better.
You have an ambition, and to realise it you’ve recognised the need for a partner. You respect the need for help. I think it is essential to maintain that respect throughout the process. If you are perfect, do not undertake a merger. If you recognise deficiencies at the outset remember them through the process, I’m sure being humble helps both parties.
I’ve worked for one agency. I intend to work for one network. I love my job & I have no desire to jump ship. As a Senior team I can only assume we are fairly unique in being entirely genuine regarding our long-term commitment. However, it is entirely right & appropriate to construct robust legal agreements, I understand a hand-shake is not enough. To complete a deal requires agreeing the finer details and addressing these complications – I’m sure it was easier having addressed everyone’s anxiety & uncertainty, and with egos left at the door.
Part IV, A year in & the lessons I learnt