Many people mistakenly believe that when a business owner sells his or her company, his or her involvement with the company ends. The truth, however, is that many owners stay involved with their organizations, often in the day-to-day operations. If you’re a business owner looking to sell, we at Trademark Management Group would like to offer a suggestion.
Before you find a buyer, give some thought to how closely the culture you have developed in your organization fits with the culture of the company (or companies) making a purchase offer. For example, if you’ve developed a team of cold-calling, super-motivated salespeople, are they going to fit well with an organization that relies on passive marketing strategies?
Along with the many other considerations in front of you as you move forward with the sale, you should also seek to join with an organization that has similar philosophies and business strategies. Blending professional cultures is quite challenging, causing even more stress than a merger normally would entail. Inability to mesh the disparate cultures could potentially impact the well-being of the organization in three key areas:
• Productivity: Associates may become distracted and discontent, causing both voluntary and involuntary departures.
• Customer Satisfaction: Consumers may not be uncomfortable with a dramatically different way of doing business.
• Vendor Relationships: The acquiring company may have given preferred vendor status to another provider, or have different bidding and pricing policies.
Taking the time to research potential buyers and their corporate cultures can save you a great deal of headache down the road.